Is this ban a security safeguard or a door-to-door closure for innovation?
A new order issued by Donald Trump yesterday has sparked mixed reactions from Americans, banning the establishment of a central bank digital currency (CDBC) in the United States.
Describing CDBC as a threat to financial stability, individual privacy and national sovereignty, Trump emphatically said he would not allow unelected officials to control people’s wallets at will.
CBDCs, or “digital dollars,” were previously supported by the Joe Biden administration as a way to help the unbanked and combat financial crime.
However, critics, including many Republicans in Congress, have described them as a threat to people’s privacy and a risk to the private banking system.
Fed Chairman Jerome Powell has previously stated that there are no plans to issue a CBDC anytime soon.
However, Trump’s strict ban sends a clear message – a digital dollar WILL NEVER become a reality under his administration!
