US president Donald Trump issued an executive order on January 23 prohibiting the creation of a central bank digital currency and taking measures to promote dollar-backed stablecoins worldwide in order to preserve the dominance of the greenback.

Americans, the executive order states, must be protected from the risks of CBDCs, which “threaten the stability of the financial system, individual privacy, and the sovereignty of the United States”.

The purpose of the order, it states, includes promoting

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