The provision banning the Federal Reserve from issuing a central bank digital currency was included in housing affordability legislation.

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The United States Senate voted on Thursday to include an amendment in the 21st Century Road to Housing Act that would prohibit the Federal Reserve from issuing a central bank digital currency (CBDC).

The CBDC prohibition will remain in effect until Dec. 31, 2030, according to the amendment in the bill. The legislation, which passed 89-10, stated:

“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.”

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