The 12 Titles / Title XI
Title XI: Central Bank Digital Currency
A single-section title, unrelated to housing, that prohibits the Federal Reserve from issuing a central bank digital currency (CBDC). The prohibition is written into the Federal Reserve Act and lasts through December 31, 2030.
§ 1101 Central Bank Digital Currency Notable
Amends the Federal Reserve Act to prohibit the Federal Reserve Board or any Federal Reserve Bank from issuing or creating a central bank digital currency — defined as a dollar-denominated digital asset that is U.S. currency, a direct liability of the Federal Reserve System, and widely available to the general public — whether directly or indirectly through banks or other intermediaries. It also bars anything 'substantially similar' to a CBDC. There is one exception: a dollar-denominated currency that is open, permissionless, and private, and that fully preserves the privacy protections of physical cash. The section states that nothing in it may be read to give the Fed authority to issue a CBDC without an Act of Congress, and the prohibition sunsets on December 31, 2030.
Affects: banks, fintech and cryptocurrency industry, consumers, Federal Reserve
- Federal Reserve: CBDC prohibition ceases to be effective (sunset) — December 31, 2030
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