January 21, 2024

Donald Trump Vows to Block CBDCs Amidst Intensifying US Presidential Race

In a recent speech, former US President Donald Trump strongly voiced his opposition to Central Bank Digital Currencies (CBDC). He unequivocally declared that if reinstated as President, he would vehemently oppose the development of a CBDC in the United States.

Earlier this week, during his campaign address, Trump expressed concerns about the potential negative impacts of CBDCs on the United States. Known for his outspoken nature, the ex-President firmly rejected the idea of CBDCs, emphasizing that allowing digital currencies under the control of the US central bank would grant the federal government excessive authority over citizens' financial matters.

In his address, Trump made a resolute promise, stating:

"Tonight, I'm making another promise to protect Americans from government tyranny. As your president, I will never allow the creation of a central bank digital currency."

According to Trump, the introduction of a CBDC would compromise the freedom of the American people, enabling covert government access to citizens' funds and potential digital tracking of transactions. His strong opposition aims to raise awareness and shield the US populace from the perceived challenges associated with the digitization of the dollar.

Trump's stance aligns with the ongoing discussions within the United States Federal Reserve, which has been exploring the possibility of developing a CBDC to enhance the nation's financial system.

As Trump competes in the 2024 US presidential election, scheduled for November 5, 2024, he finds support from Vivek Ramaswamy, a former 2024 presidential candidate advocating for a crypto-focused policy framework in the US.

John Reed Stark, former Chief of the United States Securities and Exchange Commission (SEC) Office of Internet Enforcement, suggests that a crypto-focused movement could be a decisive factor in the 2024 US presidential election. Such a movement might contribute to establishing a clearer regulatory environment for cryptocurrency and blockchain technology in the US, which currently maintains a somewhat adversarial position towards cryptocurrencies.

While the Federal Reserve has not reached a definitive decision on issuing a CBDC in the US, it acknowledges that any such move would require congressional approval. The FED has released a discussion paper evaluating the merits and drawbacks associated with a potential US CBDC.

Despite some seeing CBDCs as a technological advancement with potential benefits in streamlining transactions and improving financial inclusivity and safety, most people view these digital currencies with skepticism, injecting a new dimension into the ongoing debate surrounding CBDCs in the US.

Stay Connected
Join the conversation on 𝕏
Make a Difference
Support our content creators
and help us stay ad-free
BTC: bc1q6nt2u2u539kjgfn5hj8g9f8xk2hnwuudlrlnr9
Cryptocurrency news & learning platform
All Rights Reserved © 2024