Rumor has it that Donald Trump is gearing up to sign an executive order to ban the U.S. Central Bank Digital Currency, also known as the Digital Dollar.
This isn’t just idle chatter, because during his campaign last year, Trump made similar promises, and now it seems he’s ready to put those words into action.
Stop CBDC, stop digital slavery?
According to Fox Business, Trump is expected to sign two significant executive orders related to cryptocurrency soon, and one of these orders might establish a dedicated crypto council, while the other could officially ban the creation of a CBDC.
The crypto community is all ears, especially with a meeting of the Crypto Council scheduled for Thursday, where big decisions are anticipated.
Trump has been vocal about his opposition to a U.S. CBDC, claiming it poses a threat to financial freedom.
He believes that such a currency would give the federal government too much control over people’s money, potentially allowing them to seize funds without notice.
The first days of the new Golden Age?
While many in the crypto industry were hoping for immediate action from Trump on Day 1 of his presidency, that hasn’t happened yet. So what can we expect in his first 100 days?
For example, a Strategic Bitcoin Reserve. There’s a strong push for Trump to create a strategic Bitcoin reserve instead of allowing a CBDC.
Industry leaders like Michael Saylor and others have rallied behind this idea, and Wyoming Senator Cynthia Lummis is also a big supporter.
Another big deal is the White House Crypto Council, as the proposed crypto council could include around 20 influential figures from the industry, providing guidance on digital asset policies and helping shape regulations during Trump’s administration.
New trends, new possibilities
Banking on crypto could be a reality too, because reports suggest that Trump might allow U.S. banks to offer crypto trading services and even repeal some controversial regulations that have stifled crypto growth.
And of course, the biggest factor for many Bitcoiners, pardoning Ross Ulbricht.
During his campaign, Trump hinted at commuting the sentence of Ross Ulbricht, the founder of Silk Road, within his first 48 hours in office. While there’s been no official word yet, insiders believe this could happen soon.
