Trump Signs Executive Order to Ban ‘Digital Dollar’
by Emmitt Barry, Worthy News Correspondent
(Worthy News) – US President Donald Trump signed an executive order entitled “Strengthening American Leadership in Digital Financial Technology,” banning the creation of a central bank digital currency (CBDC) in order to protect Americans.
In signing the order, President Trump stated he was protecting Americans from the “risks” of central bank currencies, or CBDCs, which he said “threaten the stability of the financial system, individual privacy, and the sovereignty of the United States.”
The order prohibits “the establishment, issuance, circulation, and use of a CBDC within the jurisdiction of the United States.” CBDCs, or “digital dollars,” that could potentially be issued by the Federal Reserve, allowing the central bank to control the virtual currency’s supply and value.
The new executive order establishes a presidential working group to develop a federal regulatory framework for digital assets, including stablecoins, and assess the creation of a national digital asset stockpile.
The order specifies that the group will consider market structure, oversight, consumer protection, and risk management, and evaluate the potential creation of a stockpile, possibly derived from cryptocurrencies lawfully seized by the federal government through law enforcement efforts.
President Trump stated on the campaign trail his desire to creating a national strategic Bitcoin reserve.
Currently, the U.S. holds 198,109 Bitcoin, valued at over $20.1 billion, according to Arkham Intelligence data,
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