Trump Issues Order To Ban Central Bank Digital Currencies

President Donald Trump has signed an executive order prohibiting federal agencies from taking any action to develop or promote central bank digital currencies (CBDCs). The directive effectively halts all ongoing initiatives related to the creation of a government-backed digital currency in the United States.

The executive order overturns policies introduced by former President Joe Biden, which had encouraged exploration into CBDCs. According to the White House, the Biden administration’s approach stifled innovation and posed a threat to financial freedom. Trump has long opposed the concept, arguing that such a currency would give the federal government undue control over personal finances.

Under the new directive, any federal plans associated with CBDCs must be terminated immediately. Agencies are instructed to cease all efforts unless specifically mandated by existing laws. Trump’s administration argues that a government-issued digital currency could threaten the position of the U.S. dollar as the global reserve currency.

Additionally, the order establishes a presidential working group to assess regulatory measures for digital assets, including stablecoins and cryptocurrencies such as Bitcoin. The working group will focus on consumer protection, oversight, and market stability while exploring the possibility of a national strategic digital asset reserve.

Trump’s stance on digital assets has been consistent since his campaign, where he promised to block the introduction of CBDCs. Earlier this year, he reaffirmed his commitment at a Bitcoin conference, emphasizing his dedication to ensuring financial autonomy for Americans.

Reports indicate that the U.S. government currently holds a substantial amount of seized Bitcoin, valued at over $20 billion. Trump’s executive order aligns with recent legislative efforts by Sen. Cynthia Lummis, who proposed creating a Strategic Bitcoin Reserve by purchasing significant amounts of the cryptocurrency annually.

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