Thanks to the housing affordability bill recently passed by the US Senate, the Federal Reserve may be heading toward a formal ban on instituting a digital dollar in the form of a central bank digital currency (CBDC), even though the Fed was not working on such a project.
Republican politicians had adopted an aggressive opposition campaign against the United States following European and Chinese footsteps in pursuing a CBDC, calling the idea a dangerous overreach of government surveillance. So they insisted that it be inserted into the ROAD to 21st Century Housing Act that just passed the Senate in an 85-5 vote Monday night.
The concept of a digital dollar would likely have needed support from the White House, Congress and the Federal Reserve, none of which pushed for its implementation. But if the House of Representatives follows suit and votes to send the housing bill to President Donald Trump for his signature, the CBDC will be legally stifled.
However, the ban would only last a very limited four years, until the end of 2030.
