(The National Pulse)—President Donald J. Trump has signed an executive order barring federal agencies “from undertaking any action to establish, issue, or promote central bank digital currencies (CBDCs).” The controversial fiat digital currencies are issued by central banks in lieu of paper money and fall into the specific category of Retail CBDCs. Additionally, central banks can issue Wholesale CBDCs, which act similarly to a central bank’s reserve system.
Also contained in the executive order are directives aimed at rescinding harmful regulations enacted by former President Joe Biden that negatively impact cryptocurrencies like Bitcoin. “The Executive Order revokes the previous Administration’s Digital Assets Executive Order and the Treasury Department’s Framework for International Engagement on Digital Assets which suppressed innovation and undermined U.S. economic liberty and global leadership in digital finance,” a White House statement reads.
President Trump’s move comes just over a year after The National Pulse reported that he pledged to prevent the creation of a CBDC by the U.S. government while campaigning in New Hampshire. “As your president, I will never allow the creation of a Central Bank Digital Currency. Such a currency would give the federal government absolute control over your money. This would be a dangerous threat to freedom—and I will stop it from coming to America,” Trump said on January 17, 2024.
Under former President Joe Biden’s Treasury Secretary, Janet Yellen, CBDCs saw a revival of interest from government policymakers. The Biden Treasury Department undertook studies on how to implement the use of a CBDC in the American economy. However, critics, including members of the Federal Reserve, have pointed to a digital currency’s potential to undermine the U.S. dollar—already the global reserve currency.
In addition, numerous anti-CBDC activists argue the government-controlled digital tender could be abused to de-bank and spy on Americans.
It’s becoming increasingly clear that fiat currencies across the globe, including the U.S. Dollar, are under attack. Paper money is losing its value, translating into insane inflation and less value in our life’s savings.
Genesis Gold Group believes physical precious metals are an amazing option for those seeking to move their wealth or retirement to higher ground. Whether Central Bank Digital Currencies replace current fiat currencies or not, precious metals are poised to retain or even increase in value. This is why central banks and mega-asset managers like BlackRock are moving much of their holdings to precious metals.
As a Christian company, Genesis Gold Group has maintained a perfect 5 out of 5 rating with the Better Business Bureau. Their faith-driven values allow them to help Americans protect their life’s savings without the gimmicks used by most precious metals companies. Reach out to them today to see how they can streamline the rollover or transfer of your current and previous retirement accounts.
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