Thanks to the recently passed US Senate Housing Affordability Bill, the Federal Reserve may be moving toward a formal ban on establishing a digital dollar as a central bank digital currency (CBDC), despite the fact that the Fed was not working on such a project.
Republican politicians have adopted an aggressive opposition campaign against the US following in European and Chinese footsteps in pursuing a CBDC, labeling the idea a dangerous overreach of government surveillance. So he insisted it be included in the Road to Housing for the 21st Century Act, which the Senate passed on Monday night by an 85-5 vote.
The concept of a digital dollar would likely require the support of the White House, Congress, and the Federal Reserve, none of whom have pushed for it to move forward. But if the House of Representatives acts and votes to send the housing bill to President Donald Trump for signature, the CBDC would be legally hindered.
However, the ban will only last for a very limited four years until the end of 2030.