On Thursday, American President Donald Trump, through a new decree, prohibited the Federal Reserve (Fed) from developing a digital currency, a subject on which the American central bank has never really looked into despite some reflection.
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The new decree prohibits “creating, issuing or promoting a central bank digital currency (CBDC)” and requires “terminating” any ongoing work to launch one in the future.
The possibility of developing a cryptodollar is a subject which has been the subject of numerous discussions within the American central bank, without it having made a decision on the matter.
The previous government of President Joe Biden was rather favorable to the idea, notably estimating its numerous advantages and possibilities, while recognizing the risks in this area.
Fed officials, for their part, had not hidden their skepticism on this subject.
-Last March, the president of the institution, Jerome Powell, insisted on the fact that the Fed was still “very far” from issuing a cryptodollar.
“People should not be worried about a potential CBDC, nothing of this type is even relatively close to happening in the near future,” he insisted at the time.
However, the presidential decree also aims to ensure control of cryptocurrencies in the United States, both in their creation and in their use.
It also provides for the creation of a working group responsible for reflecting on this subject and which must make proposals to Congress and the president in order to strengthen this industry.
Donald Trump himself launched a cryptocurrency, $TRUMP on January 17, barely three days before entering the White House.
Placed on the market at a value of $7 per token, it was valued at $34.72 per token, for a total of $6.94 billion on Thursday at 4:25 p.m. (Montreal time).
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