United States President Donald Trump has signed a new presidential order prohibiting the country’s Central Bank from creating a digital currency. This important decision is seen as a way to prevent the FED from competing with Bitcoin and other existing cryptocurrencies.
Moreover, with Trump’s decree, all attempts by the Biden administration to create a ‘digital dollar’ must be stopped. This actually fulfils one of Donald Trump’s election campaign promises. Here are the details
Donald Trump took an important step for cryptocurrencies
The text signed by Trump also establishes a working group that should be responsible for designing new regulations for cryptocurrencies, analysing the creation of a national reserve of Bitcoin and other cryptos.
This reserve will potentially consist of cryptocurrencies seized in anti-crime operations. Another measure in the decree includes the protection of banking services of companies working with cryptocurrencies.
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David Sacks, who previously worked at PayPal, will lead the group assigned to examine the issue. It will also consist of the Treasury Secretary, the SEC (Securities and Exchange Commission) chairman and the CFTC (Commodity Futures Trading).
It is worth remembering that Trump said during his election campaign that he would be the ‘president of cryptocurrencies’ and many of the measures he announced aimed to expand the crypto market.
So what do you think about these decisions taken by US President Donald Trump? Do not forget to share your comments!
