There is a distinct commandment, based on Leviticus 22:24, forbidding
sterilization of animals and people. This is considered a
Torah commandment for men and a rabbinic decree for women.
The contraceptive method you suggest, although reversible, remains efficacious for years. It would be prohibited as a type of male sterilization, much like the "
kos shel ikarin" prohibited in Shulhan Arukh Even Haezer 5:12. It is possible that in some unique cases it would be permitted for use, but not as a first resort.
As with all our site's answers, this was personally reviewed and approved by Rav Henkin.