Trump blocks digital dollar, US falls behind in Fintech race
President Donald Trump has banned the development of a digital dollar, pushing the U.S. further behind in the global digital currency race.
Trump’s executive order, which was signed on January 23, prohibits U.S. institutions from issuing or using central bank digital currencies or CBDCs.
The order argues that a digital dollar could threaten privacy, financial stability, and U.S. sovereignty.
However, experts warn that the decision puts the U.S. at a disadvantage as China and the EU advance their own digital currencies.
The U.S. is now the first country to ban its central bank from developing a CBDC.
Experts warn that this could weaken the U.S. dollar’s global dominance, while rivals move ahead in digital finance.
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