In a recent campaign stop in New Hampshire, former President Donald Trump took a firm stance against the creation of a central bank digital currency (CBDC), vowing to ban its development if elected. Sharing the stage with crypto-friendly former candidate Vivek Ramaswamy, Trump emphasized the perceived dangers of CBDCs, stating, “As your president, I will never allow the creation of a central bank digital currency.” He expressed concerns about the potential threat to freedom, asserting that such a currency would grant the federal government absolute control over individuals’ money, allowing them to seize funds without the owner’s knowledge.
While Trump was once a crypto critic, an August 2023 disclosure revealed that he owned over $2.5 million in ether. Despite there being no current proposal from the Federal Reserve for a CBDC, the topic has gained traction in U.S. politics, especially on the campaign trail.
CBDCs are digital or tokenized versions of cash regulated by central banks, with or without the use of blockchain technology. The issue has become prominent in Florida Governor Ron DeSantis’ office, surpassing typical wedge issues like gun rights and abortion in public interest. Samuel Armes of the Florida Blockchain Business Association emphasized the urgency of addressing CBDCs, stating, “If CBDCs are the encroachment on our civil liberties that the majority of people believe they are, we don’t have time to wait.”
Trump’s strong stance against CBDCs aligns with the growing debate on the potential impact of digital currencies on individual freedoms and privacy, making it a significant topic in current political discussions.
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