GOP Senators Propose Bill Banning Fed-Backed Digital Currencies Over Privacy Worries
• Republican senators introduced legislation to ban official cryptocurrencies backed by central banks over privacy concerns • Fed-backed digital currencies could allow regulatory authorities access to private spending habits • The Biden administration has studied using cryptocurrencies and received agency reports on incorporating them • The Fed and Treasury Department have explored potential structures and uses for central bank digital currencies • The GOP proposal would bar the Fed from authorizing stablecoins for individuals or having banks issue them to customers