Trump Seeks To Bolster US Dollar By Developing Dollar-Backed Cryptocurrencies – Order

WASHINGTON, Jan 24 (Bernama-Sputnik/RIA Novosti) -- The United States (US) under President Donald Trump will promote and develop dollar-backed stablecoins around the world to bolster the position of the US official currency, according to the text of the executive order released by the White House, reported Sputnik/RIA Novosti.

Earlier in the day, Trump signed an executive order to establish regulatory clarity for digital financial technology and secure US position as the world’s leader in the digital asset economy.

“It is therefore the policy of my Administration to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy, including by: […] (ii)  promoting and protecting the sovereignty of the United States dollar, including through actions to promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide,” the order said.

The order prohibits US agencies from engaging in any activities related to the creation, issuance, or promotion of Central Bank Digital Currencies, both domestically and internationally.

The order also creates the President's Working Group on Digital Asset Markets, which is tasked with evaluating the potential establishment and management of a national digital asset stockpile.

It will also suggest criteria for developing this stockpile, which could be based on cryptocurrencies legally confiscated by the government as a result of its law enforcement activities.

-- BERNAMA-SPUTNIK/RIA NOVOSTI