Senate Housing Bill Amendment Proposes To Block US CBDC Until 2030

An amendment has been proposed to the Federal Reserve Act to ban the US central bank from issuing a central bank digital currency (CBDC) until 2030.

The language appears near the end of the 300-page “21st Century ROAD to Housing Act” (HR 6644), released by the Senate Committee on Banking, Housing, and Urban Affairs on Monday.

Section 10 of the proposed legislation states that the board of governors of the Federal Reserve System or a Federal Reserve bank “may not issue or create a central bank digital currency or any digital asset that is substantially similar to a central bank digital currency directly or indirectly through a financial institution or other intermediary.”

The proposed prohibition includes a sunset clause that expires on December 31, 2030, after which new legislation would be needed to maintain the ban.

The White House issued a statement supporting the Act and opposing a CBDC, which it said could “pose significant threats to personal privacy and liberty.”

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