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WASHINGTON, Jan 24 — US President Donald Trump has issued an executive order banning the establishment of a central bank digital currency (CBDC), a move long supported by Congressional Republicans. Trump stated the ban protects Americans from the risks of CBDCs, which he claims could threaten financial stability, individual privacy, and national sovereignty.
WASHINGTON, Jan 24 — US President Donald Trump has issued an executive order banning the establishment of a central bank digital currency (CBDC), a move long supported by Congressional Republicans. Trump stated the ban protects Americans from the risks of CBDCs, which he claims could threaten financial stability, individual privacy, and national sovereignty.
Theorder prohibits the creation, issuance, circulation, and use of a CBDC within the United States. Often called a "digital dollar," a CBDC would beissued by the Federal Reserve, potentially replacing physical cash and givingthe central bank control over its supply.
Supportersargue a CBDC could help unbanked Americans access financial services and aid intracking criminal activities. However, opponents—mostly Republicans—warn itcould compromise privacy and undermine private banking.
Whileformer President Joe Biden instructed the Federal Reserve to explore CBDCs, theFed has repeatedly stated it has no plans to introduce one. Fed Chair JeromePowell reassured lawmakers last year, saying, "People don’t need to worryabout a central bank digital currency. Nothing like that is remotely close tohappening anytime soon."
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