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Former President Donald Trump promised to ban the creation of a central bank digital currency (CBDC) if he regains office.
“This would be a dangerous threat to freedom, and I will stop it from coming to America,” said Trump, the front-runner in the Republican leadership race.
Donald Trump Fears Feds Will Take Absolute Control With A CBDC
Speaking during a campaign appearance in New Hampshire, Trump elaborated by saying that “such a currency would give a federal government absolute control over your money. They could take your money, and you wouldn’t even know it was gone. I will never allow the creation of a central bank digital currency.”
JUST IN: 🇺🇸 Donald Trump says “As your president, I will never allow the creation of a Central Bank Digital Currency. Such a currency would give our federal government absolute control over your money.” pic.twitter.com/lSE2AGYgOm
— Bitcoin Magazine (@BitcoinMagazine) January 18, 2024
Trump was accompanied on stage by Vivek Ramaswamy, a crypto-friendly former candidate who recently suspended his campaign and announced that he would endorse Trump.
CBDCs A Hot Topic In U.S. Politics
While there is no proposal from the Federal Reserve to introduce a CBDC, an American CBDC has become a popular issue in U.S. politics. The topic has also emerged as one of the main problems for Florida Governor Ron DeSantis’ office.
By choosing to focus on CBDCs and to say he’d it into the trash can, DeSantis has managed to garner more public interest than if he had focused on other problems frequently brought forward, such as gun rights and abortion.
Still, he’s not anti-crypto.
“We are going to let Americans invest in things like Bitcoin and cryptocurrency,” he said while speaking at a New Hampshire campaign event. “Biden’s war on Bitcoin currency will come to an end when I become president.”
The first anti-CBDC bill in the United States passed out of the Financial Services Committee today! A historical step in defending against an ever-expanding government surveillance state. https://t.co/1XXSEHOhNC
— Tom Emmer (@GOPMajorityWhip) September 20, 2023
The U.S. House Financial Services Committee also added a major obstacle that restricts the Federal Reserve from issuing a CBDC. Introduced by Majority Whip Tom Emmer in September 2023, the CBDC Anti-Surveillance State Act prevents the Federal Reserve from issuing a CBDC to individuals.
Emmer said “a central bank digital currency is nothing more than a CCP [Chinese Communist Party]-style surveillance tool that can be weaponized to oppress the American way of life.”
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