Donald Trump has signed an executive order banning Central Bank Digital Currencies (CBDCs).
President Trump’s order “prohibits agencies from establishing, issuing or promoting central bank digital currencies.
According to Fox Business the EO directs other federal agencies and departments to provide the group with recommendations about digital asset regulations that should be rescinded or modified”
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InfoWars reorts: Titled “Strengthening American Leadership In Digital Financial Technology,” the wide-ranging EO explicitly says CBDCs “threaten the stability of the financial system, individual privacy, and the sovereignty of the United States.”
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Moreover, the Thursday order defines CBDCs as “a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the central bank.”
You can read the full Executive Order HERE.
Critics online are celebrating the news.
Additionally, Trump’s order provides a comprehensive outline for the U.S. to adopt digital assets, according to Fox Business.
Trump’s order establishes the Presidential Working Group on Digital Asset Markets, which will develop a federal regulatory framework for digital assets, including stablecoins, and evaluate the creation of a strategic national digital assets stockpile. It will be chaired by the White House AI and crypto czar and include the treasury secretary, the chairman of the Securities and Exchange Commission (SEC), as well as other relevant department and agency heads.
“President Trump will help make the United States the center of digital financial technology by halting aggressive enforcement actions and regulatory overreach that have stifled crypto innovation under previous administrations,” the White House announcement said.
