Written by Wu Tianyi, DeThings

On January 23, US President Donald Trump signed issued an executive order to promote the development of cryptocurrencies in the United States and work towards establishing a digital asset reserve. Venture capitalist David Sacks, known as the “crypto czar,” signed the order alongside Trump.

The order states: "The digital asset industry plays a vital role in U.S. innovation and economic development as well as our international leadership."

According to CoinDesk, the U.S. dollar is planning to replace the U.S. dollar. and Russia reduced their holdings of billions of dollars' worth of U.S. Treasuries while increasing their gold reserves. Countries including Russia, Iran, and Russia are actively establishing parallel cross-border economic systems that will not only bring their neighbors into their orbit, but also allies with whom they have substantial trade transactions.

At the same time, the People's Bank of China and other five departments jointly issued the "On the pilot program of the financial sector in the conditional free trade pilot zone (Hong Kong) to align with international high standards and promote institutional opening up" Opinions". The document mentions "supporting mainland residents in the Guangdong-Hong Kong-Macao Greater Bay Area to purchase eligible investment products sold by Hong Kong and Macao financial institutions through Hong Kong and Macao financial institutions, and expanding the scope of participating institutions and the scope of eligible investment products." This may provide an opportunity for the potential development direction of the crypto-asset industry.

Much of the executive order signed by Trump focuses on establishing cryptocurrency technology and rules and its development in the United States. One of the key elements is the creation of a working group to consider establishing a reserve of digital assets “that may come from cryptocurrencies lawfully seized through federal law enforcement actions.”

The order also outlines other key priorities for the digital asset industry, including protecting individuals and private businesses using blockchain networks from "persecution." The document details certain protections for developers and miners, stating that they should be able to freely "develop and deploy software" and "participate in mining and verification," a nod to the technical staff who protect the Bitcoin network.

The president also pledged to defend the rights of those who choose to take custody of their digital assets. This means they don’t rely on centralized entities like Coinbase to secure their tokens, but instead use personal crypto wallets, which are sometimes not regulated by the IRS.

The order emphasizes promoting the sovereignty of the U.S. dollar by supporting the development of globally legal, U.S. dollar-backed stablecoins.

CoinDesk said that U.S. policymakers are too narrowly focused on macroeconomic tools such as sanctions and promoting the dollar as a reserve currency. Today, the real battle is on smartphones and global currency markets. For example, more than half of businesses in Japan accept Alipay, while more than a third accept WeChat Pay.

Continue to pay attention to the related Bitcoin in the United States. Wang Yongli, the former vice president of the bank, in the first issue of 2025 of "Foreign Exchange", "A Rational View of Trump's Bitcoin New Deal", mentioned that Bitcoin highly imitates gold at the "coin" level, and its total volume and periodic new policies The increment is completely set by the system, which is more stringent than gold (it is not clear how much actual gold reserves are). The amount that can be used for exchange transactions is more limited, and it cannot grow with the increase in the value of tradable wealth. It is not Meet the essential requirements of currency. As Trump won the U.S. presidential election, his proposed Bitcoin New Deal received widespread attention and heated discussion. We need to calm down, view and grasp rationally and objectively, and avoid making subversive mistakes.

Previously, Zhou Xiaochuan, Vice Chairman of the Boao Forum for Asia and former Governor of the People's Bank of China, mentioned the world economy in 2025 at the "Boao Forum for Asia New Year Outlook 2025" event. The recovery is full of variables, and the industrial chain is forced to reshape. Global public debt is about to exceed US$100 trillion, which will increase external financing costs and exchange rate depreciation pressure on emerging markets and developing countries. Debt will pose challenges to the fiscal sustainability of developed countries. The impact of digital encrypted assets on global financial stability and financial security requires vigilance.

For the People's Bank of China and other five departments jointly issued the "On the Pilot Program of the Financial Sector in the Conditional Free Trade Pilot Zone (Hong Kong) to Align with International High Standards and Promote Institutional Opening" "Opinions", Liu Honglin, a lawyer at Mankiw Law Firm, said that with the Hong Kong SAR actively exploring the supervision of virtual assets, such as the launch of virtual asset ETFs, it is worth looking forward to whether these products can be included in cross-border financial management in the future.

Combined with the terms, if Hong Kong’s crypto-asset products can provide investment channels for mainland investors through Wealth Management Connect, it will not only enrich the asset allocation choices of mainland residents, but also It has become an important tool to promote the internationalization of RMB. Once the scope of cross-border financial management is further expanded, virtual asset ETFs or on-chain bonds may be the first to be piloted, opening the door to the financial application of the blockchain industry.

It is worth mentioning that Trump's administrative orders also prohibit the "establishment, distribution, circulation and use" the United States Bank of America Digital Currency (CBDC) and require that The working group studies the possibility of establishing and maintaining cryptocurrency reserves and stable currency regulatory frameworks.

Ordering federal agencies to stop any potential CBDC development is one of the campaign commitments made by Trump's campaign to the crypto industry.

Standard Chartered bank digital asset research global supervisor Geoff Kendrick told Cointelegraph: "During Trump's administration, CBDC in the United States is dead. On the contrary, they are smuggling stable currencies. The route, and the Federal Reserve has nothing to do with this. "Spokesperson Brian Hughes told Reuters that" Trump will provide a place for officials who are committed to defending the American people's rights, priority to the United States, and ensuring that the labor people's taxes get the most effective use. . "

This remarks conform to the Republican Party's general doubts about the financial industry, and hope to widely relax the supervision of the industry. Therefore, it is not surprising that CBDC has become a goal, because CBDC has become the object of public privacy concerns.

Although some CBDC developers such as the European Central Bank said privacy is the primary task, few people seem to believe this in the public, which hinders CBDC's efforts. According to CBDC Tracker, only 4 of the 169 CBDC projects are currently ongoing.

On the contrary, as of July 24th and July, electronic RMB applications have attracted 180 million individual wallet users. Yuan RMB ($ 1 trillion). The MBridge project entered the minimum feasible product (MVP) phase in the middle of 2024. The project aims to explore multiple central bank digital currencies (CBDC) platforms shared by the Central Bank and Commercial Bank. The platform is based on distributed ledger technology (DLT) to achieve instant cross -border payment and settlement.

MBridge project is the international liquidation bank Innovation Center, Bank of Thailand, the Central Bank of the UAE, the Digital Currency Institute of the People's Bank of China, and the Hong Kong Financial Administration. The results. Saudi Central Bank joined in 2024Essence

In September 2024, Reuters said that there are currently 134 (98%of the global economy). It has already been in the later stage, and it has begun to see the recovery of usage. Among them, the use of electronic RMB has increased by nearly four times to 7 trillion yuan ($ 987 billion).

Studies released by the American Atlantic Council think tank on Tuesday showed that all the groups of the 20th Guoman are currently studying the Central Bank's Digital Currency (CBDC), with a total of 44 are being tried. Essence

Dong Zhiyong, a scholar of Peking University, believes that the incentive mechanism of the payment institution is a challenge. Merchants do not need to pay for digital RMB. Although this is a good thing for merchants, if it is not widely used, the merchant will face an additional burden on administrative, and at the same time, it cannot obtain commissions from the transaction and lacks the motivation to join. Therefore, he suggested establishing a reasonable charging mechanism and exploring value -added services with the payment institution.

In addition, he also suggested to create an ecosystem for industrial and commercial cases, because despite the low acceptance of consumers, enterprises have started using electronics when dealing with community transactions. RMB. At present, the administrative burden of retailers is gradually resolving, and the new "smart account split" application is being tried to simplify the accounting and reconciliation process.