Donald Trump Promises to Block Making Central Bank Digital Currencies



by FARUK IMAMOVIC

Donald Trump Promises to Block Making Central Bank Digital Currencies
© Getty Images/Chip Somodevilla

In a recent campaign speech in Portsmouth, New Hampshire, former President and current presidential candidate Donald Trump made a bold pledge that resonated strongly with his audience. Trump vowed to prevent the Federal Reserve from introducing a central bank digital currency (CBDC) in the United States, a move he framed as a defense against government overreach.

This declaration aligns with his broader campaign narrative of protecting American freedoms. “The creation of a central bank digital currency would give our federal government absolute control over your money. They could take your money, and you wouldn’t even know it was gone,” Trump explained to the crowd.

His statement was met with enthusiastic applause, underscoring the audience's concern about potential government control over personal finances.

Digital Currencies in the Political Arena

Trump's stance on CBDCs is not isolated in the political sphere.

Florida Governor Ron DeSantis, another presidential candidate, has previously promised to reject central bank digital currencies on his first day in office, if elected. This shared viewpoint highlights a growing concern among some political figures about the implications of digital currencies on personal freedom and financial privacy.

The issue of digital currencies and their role in government and society has become a prominent topic in the 2024 presidential race. With Vivek Ramaswamy, a proponent of a crypto-focused policy, dropping out of the Republican nomination race and endorsing Trump, the debate around digital currencies is likely to gain further traction.

John Reed Stark, a former U.S. Securities and Exchange Commission enforcer, emphasized the significance of cryptocurrencies in the upcoming election. He suggested that every presidential contender should appoint an internal "Crypto Czar" to act as a focal point and spokesperson on crypto-related issues.

This proposal indicates the increasing relevance of digital currencies in political discourse and policy-making. Candidates are evidently recognizing the importance of digital currency policies in their platforms. With Trump’s recent declaration and the growing emphasis on cryptocurrency in the political realm, digital currency policy is set to be a key issue in the presidential race.

Donald Trump