Starting July 11, 2025, a four-year ban on the issuance of the digital dollar — a central bank digital currency (CBDC) — comes into effect in the United States. This restriction was included in a bipartisan housing affordability bill, which effectively became a tool to block one of the most debated projects of the Federal Reserve.
The moratorium is in effect until the end of 2030. The law will take effect automatically, without the president's signature. Donald Trump refused to sign it but also did not veto it, which, according to constitutional procedure, is equivalent to tacit consent. Thus, the executive branch formally did not support the ban but also did not prevent its implementation.
Why is this important? The digital dollar (CBDC) was seen as a potential tool for modernizing the U.S. payment system, increasing settlement speed, and combating financial crimes. However, its introduction sparked heated debates: supporters viewed it as a step toward financial inclusion, while opponents saw it as a threat to privacy and an increase in government control over private finances.
The bipartisan nature of the bill underscores that concerns about the CBDC are shared by both Republicans and Democrats. This is a rare case of consensus in a context of acute political polarization.
My analysis: The four-year moratorium is not just a delay. It is a signal to the market that the U.S. is not yet ready for a radical digitalization of its national currency. While China is actively testing the digital yuan and the EU is promoting the digital euro, America is taking a pause. This could lead to a temporary loss of technological leadership in the field of state digital currencies, but on the other hand, it will provide time for a more thorough assessment of risks and a search for a balance between innovation and the protection of citizens' rights.