Trump issues a major digital transformation order for America's bank account

U.S. President Donald Trump has just signed an executive order requiring the transition of federal payments to a digital format in September, an effort to reduce waste by $657 million and minimize the risks of hardship.

Donald Trump – President of the United StatesOn March 25, President Donald Trump signed an executive order at the White House requiring the complete transition of the government's payment system to digital payment methods, ending most paper disbursement accounts by the end of fiscal year 2025. This decree addresses any current conditions, including rising costs, rigidity, incidents, and receipt protocols related to paper money transfer checks.

"The checks from the U.S. Department of Treasury may be subject to reporting, theft, non-negotiability, or change up to 16 times compared to electronic account transfers (EFT)," the decree states. Processing cheap paper records of taxpayers over $657 million separately in the fiscal year 2024. According to the informational documentation accompanying the executive order:

"The decree demands that, starting from September 30, 2025, the federal government will cease issuing paper checks for all disbursement accounts, including payment accounts between government agencies, welfare payments, payments to providers, and tax refunds. All departments and executive agencies must transition to modern electronic payment methods, such as direct accounts, credit card payments, electronic transfers, and real-time execution."

The facility is requested by the registrant to receive the system number and reduce reliance on the services of the Treasury.

Some exceptions will be made for individuals who do not have access to banking services, for reasons of national security or in emergency situations. Alternative payment methods will be provided for those who qualify. A nationwide awareness campaign will be organized to educate the public about the transition to digital procedures. The entity must plan manual trends within 90 days, and the U.S. Department of the Treasury needs to report back to the President within 180 days on the progress of the deployment.

To protect our previous relationship regarding monetary policy, the order also clarifies:

"This executive order does not establish a central bank digital currency (CBDC)."

In January, President Trump signed an executive order banning federal agencies from developing or promoting digital central bank currencies. This order also eliminated previous efforts to explore regulations on digital assets and create a digital dollar. A task force has also been established to propose a framework for asset linkage within 180 days. Several CBDC bill proposals have also been introduced in Congress and state legislative bodies.

Disclaimer: The article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making any decisions. We do not take responsibility for your investment decisions.

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Dinh Dinh

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