On Friday, Congressman Alex X. Mooney (R-VA) introduced legislation to prevent a digital dollar, or Central Bank Digital Currency (CBDC) pilot program through the Federal Reserve. H.R. 3712, known as the Digital Dollar Pilot Prevention Act aims to close a loophole that the Federal Reserve is using in CBDC pilot projects, which drew attention last year for involving the private sector.
CBDC pilot projects are being conducted by other governments like China and Brazil, who announced Visa and Microsoft joined the endeavor earlier this week. China rolled out its most ambitious use of the digital yuan last […]