12 U.S.C. § 423 | Central bank digital currency

(a)

Definitions

In this section:

(1)

Central bank digital currency

The term “central bank digital currency” means a digital asset that—

(A)

is denominated in United States dollars;

(B)

is a United States currency;

(C)

is a direct liability of the Federal Reserve System; and

(D)

is widely available to the general public.

(2)

Digital asset

section 5901 of this titleThe term “digital asset” has the meaning given the term in .

(b)

Prohibition

Except as provided in subsection (c), 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.

(c)

Exception

Subsection (b) shall not prohibit any dollar-denominated currency that is open, permissionless, and private, and fully preserves the privacy protections of United States coins and physical currency.

(d)

Sunset

December 31, 2030This provisions of this section shall cease to be effective on .

(e)

Rule of construction

Nothing in this section shall be construed to allow the Board of Governors of the Federal Reserve System to issue a central bank digital currency or any digital asset that is substantially similar to a central bank digital currency directly or indirectly absent authorization by an Act of Congress.

Dec. 23, 1913, ch. 6, § 16A Pub. L. 119–101, title XI, § 1101July 11, 2026140 Stat. 983 (, as added , , .)

Section text and notes