Trump Signs Order Banning Federal Agencies from Establishing or Promoting Central Bank Digital Currencies

Jan 23, 2025, 09:00 PM

On January 23, 2025, President Donald Trump signed an executive order banning federal agencies from establishing, issuing, or promoting central bank digital currencies (CBDCs). The order states, "The Executive Order prohibits agencies from undertaking any action to establish, issue, or promote central bank digital currencies (CBDCs)." This prohibition applies both within the United States and abroad, effectively halting any federal efforts to develop a digital version of the U.S. dollar. Additionally, the executive order establishes a President's Working Group on Digital Asset Markets to recommend regulatory and legislative proposals regarding digital assets.