US lawmakers advance legislation blocking the digital dollar

• The United States House Financial Services Committee is working on legislation to prevent the issuance of a central bank digital currency (CBDC).
• Two bills will be discussed on Sep. 20, including the Digital Dollar Pilot Prevention Act (H.R. 3712) that prohibits the Federal Reserve from testing CBDCs without approval from Congress.
• The second legislation is an amendment to the Federal Reserve Act, which prohibits Fed banks from offering certain products or services directly to individuals and using CBDCs for monetary policy.
• The Federal Reserve of San Francisco has been seeking technical positions for a CBDC project, indicating ongoing interest in a digital dollar.
• The prospect of a digital dollar has sparked controversy, with some presidential candidates expressing concerns about financial privacy, while others believe it could maintain the dollar's global relevance and boost cryptocurrency adoption.

The sentiment of the article is neutral, presenting both the arguments for and against the issuance of a central bank digital currency.