slotsdreamer Trump bans the creation of a ‘digital dollar’

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WASHINGTON, DC – JANUARY 23: U.S. President Donald Trump speaks to reporters after signing a series of executive orders in the Oval Office of the White House on January 23, 2025 in Washington, DC. Trump signed a range of executive orders pertaining to issues including crypto currency, Artificial Intelligence, and clemency for anti-abortion activists. (Photo by Anna Moneymaker / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)

Washington, United States — US President Donald Trump issued an executive order Thursday effectively banning the establishment of a central bank digital currency, in a move long supported by Congressional Republicans.

Trump’s order would, he said, protect Americans from the “risks” of central bank digital currencies, or CBDCs, “which threaten the stability of the financial system, individual privacy, and the sovereignty of the United States.”

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This included the prohibition of “the establishment, issuance, circulation, and use of a CBDC within the jurisdiction of the United States,” he added.

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CBDCs, also known as “digital dollars,” could in theory be issued by the Federal Reserve and be interchangeable with physical dollars, giving the US central bank control over the supply of the virtual currency, and guaranteeing its value.

Guevara showed confidence at a Senate budget hearing on Wednesday about meeting the DOE’s target to open more renewables capacity to the private sector.

Authorities last month unveiled several stimulus policies – from interest rate cuts to relaxing home-buying rules – after struggling since the end of Covid restrictions to reignite growth and get business activity back on track.

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Former president Joe Biden instructed the Fed to look into the creation of a CBDC, whose supporters note its potential use as a means of bringing people without bank accounts into the US financial system, and in tracing and tackling criminal activity.

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But its opponents, which have long included many Republicans in Congress, have criticized CBDCs, arguing that they could threaten people’s privacy, and potentially undermine the banking system by reducing people’s incentives to bank privately.

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The Fed has conducted research on CBDCs, but has made clear on multiple occasions that it currently has no plans to put one into circulation.

“People don’t need to worry about a central bank digital currency,” Fed chair Jerome Powell told the US Senate Banking Committee last year. “Nothing like that is remotely close to happening anytime soon.”

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