The whole world can watch it live: Donald Trump is signing one decree after another and, if he continues to act at this pace, will probably go down in American history as the most diligent president. But he already is. One decree immediately became the centre of attention.
Section 5 of the executive order on ‘Strengthening American Leadership in Digital Financial Technology’ contains one of the most important points concerning the role of digital currencies. Donald Trump has summarily banned digital central bank currencies in the USA with this decree.
This not only secures the dollar as a currency, but also the freedom of the people. CBDC is known for its high risks and potential disruption to the lives of residents. A state could use CBDC to gain far-reaching control and block and freeze financial resources and only release them again once the required measures have been implemented. CBDC therefore opens the door to people’s privacy and at the same time threatens the sovereignty of the USA – but also of other countries.
Trump’s decree to ban a digital currency therefore protects every American. In the future, the state will be deprived of the option to regulate people who think differently by temporarily or permanently blocking their financial resources. Another point of criticism of digital currencies is the tracking of financial transactions of people who are targeted by the state.
Trump’s decree also prohibits the US authorities from taking measures to establish, award and promote CBDC throughout the United States and abroad.
In addition, existing plans or work by authorities in connection with the introduction of CBDC will be stopped immediately. No future actions to develop or implement CBDC in the United States may be commenced. This means that the digital dollar is off the table in the USA, which can certainly be compared to a stroke of freedom.
Thank you for the image: Andrew Dawes on Unsplash
