Former President Trump Opposes CBDCs in the US
Former US President Donald Trump, who is running for re-election, has criticized central bank digital currencies (CBDCs), stating that if elected, he would not allow such a project to launch in the United States. According to Trump, a CBDC would give the federal government complete control over people’s money, which he sees as a threat to freedom.
Trump Pledges to Prevent CBDC Creation
In a campaign speech in New Hampshire, Trump pledged to prevent the creation of a CBDC as a way to protect the people. He stated that as President, he would never allow a central bank digital currency to be established because it would give the federal government absolute control over individuals’ money without their knowledge.
Similar Views from Other Presidential Candidates
Trump’s stance on CBDCs aligns with other US Presidential candidates. Governor Ron DeSantis of Florida has also promised not to allow the creation of a CBDC if elected. Robert F. Kennedy Jr., another candidate, expressed support for Bitcoin and stated that his administration would block the issuance of a CBDC.
Countries Progressing with CBDC Initiatives
While the US opposes CBDCs, other countries are moving forward with their plans. The Bank of Russia expects its digital ruble to be widely adopted by 2025 and will begin pilot testing in August 2023. Brazil’s CBDC project is set to launch in 2024, and the Swiss National Bank is planning its own test run. In Canada, a majority of Canadians expressed opposition to a digital Canadian dollar in a recent public consultation. The European Central Bank (ECB) is also advancing its digital euro project after completing a two-year research program.
Hot Take: Trump’s Concerns Over CBDCs
Former President Donald Trump’s opposition to central bank digital currencies (CBDCs) stems from his belief that they would grant the federal government excessive control over individuals’ finances. He argues that a CBDC poses a threat to freedom and pledges to prevent its creation if elected. While the US remains skeptical about CBDCs, other countries are actively exploring and advancing their own sovereign digital currencies. It will be interesting to see how the global landscape of digital currencies develops and whether Trump’s stance on CBDCs aligns with the sentiments of the general public.
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