Trump's Crypto Policy Begins... "Cryptocurrency Reserve and CBDC Ban"

President Donald Trump of the United States took a significant step towards a pro-cryptocurrency stance by signing an executive order on cryptocurrencies on the 23rd (local time).

According to the White House, the main points of the cryptocurrency executive order signed by President Trump are as follows.

First, a task force will be established to propose regulations and legislation for the cryptocurrency market. This task force will potentially evaluate national cryptocurrency reserves and propose standards for utilizing cryptocurrencies legally seized by the federal government.

Additionally, within 180 days, a federal regulatory plan for cryptocurrencies, including stablecoins, will be created and presented.

Furthermore, the establishment and promotion of Central Bank Digital Currency (CBDC) by institutions will be prohibited. Previously, President Trump argued that research and issuance of CBDCs should be halted due to privacy concerns.

Following this news, Bitcoin surged by about 2%, breaking through the $105,000 mark during the day. However, Bitcoin has since given back some of its gains, dropping to the $102,000 range.