The US President Donald Trump has just signed an order requiring the conversion of federal payments to digital form in September, an effort to reduce waste of $657 million and minimize difficulties.
On March 25, US President Donald Trump signed an action order at the White House requiring the complete conversion of the government's payment system to digital payment methods, ending most paper payment accounts by the end of fiscal year 2025. This order helps address any current conditions, including increasing costs, rigidity, incidents, and transfer protocols related to paper money order checks.
"The US Treasury Check has the potential to be reported, stolen, returned unprocessed, or altered 16 times more than electronic account transfers (EFT)", the order states. Processing taxpayers' paper records costs more than $657 million separately in fiscal year 2024. According to the accompanying information document:
"The order requires that from September 30, 2025, the federal government will stop issuing paper checks for all payment accounts, including payments between government agencies, welfare, payments to suppliers, and tax refunds. All executive departments and agencies must transition to modern electronic transfer methods, converting such as direct account, credit card payment, electronic transfer, and real-time execution".
The basis is requested by registrants to receive system numbers and reduce dependence on Treasury Department services.
Some exceptions will be applied for individuals without access to banking services, for national security reasons, or in emergency situations. Alternative payment methods will be provided for eligible individuals. A nationwide propaganda campaign will be organized to educate the public about procedural conversion. The basis must plan manual trends within 90 days, and the US Treasury needs to report back to the President within 180 days about the deployment report development.
To protect our previous monetary policy relationship, the order also clarifies:
"This action order does not establish a central bank digital currency (CBDC)".
In January, President Trump signed an action order prohibiting federal agencies from developing or promoting central bank digital currencies. This order also eliminated previous efforts to explore digital asset regulations and create a digital dollar. A working group was also established to propose framework linkage solutions for assets within 180 days. Some CBDC bill proposals have also been introduced in Congress and state legislative bodies.
Disclaimer:The article only contains targeted information, not investment advice. Investments should be carefully researched before making a decision. We do not accept responsibility for your investment decisions.
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Dinh Dinh
