Trump’s Promise: “I Will Never Allow The Creation Of A CBDC”

Sujha Sundararajan

Last updated:

January 18, 2024 02:51 EST | 1 min read

Source: Pixabay / heblo (Edited by Hongji Feng)Former US President Donald Trump has been dismissive about the value of cryptos and central bank digital currencies (CBDCs) in the past. The 2024 Republican frontrunner has once again promised against the creation of a CBDC “to protect Americans from government tyranny.”

Speaking in Portsmouth, New Hampshire Trump defined CBDCs as a “dangerous threat to freedom.” Pro-crypto former presidential candidate Vivek Ramaswamy, who recently dropped out of his campaign, was also present on stage, officially endorsing Trump.

Trump says he will prevent implementation of Central Bank Digital Currencies (CBDC) pic.twitter.com/vheJDn2HBg

— Bertman (@manofbert) January 18, 2024

Trump also promised that he would stop the digital Dollar from coming to America. “Such a currency would give the federal government absolute control over your money. They could take your money, and you wouldn’t even know it was gone.”

Donald Trump has a history of criticizing Bitcoin and other cryptos. In July 2019, he stressed, “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” He said that these asset classes can “facilitate unlawful behavior” like drug trade.

That said, an official filing that circulated in October 2023 revealed that Trump holds between $250,000 to $500,000 in digital assets. A previous disclosure also noted that the ex-President held a majority of assets in Ethereum.

Additionally, Trump has also introduced three non-fungible tokens (NFTs) since leaving office. The demand for his NFTs skyrocketed, boosting sales by a jaw-dropping 650% in just a few days, said a Tweet.

Pledges Against CBDCs

CBDCs haven’t scored well in the eyes of many politicians. Florida Governor Ron DeSantis stood firm against CBDCs. He said in May 2023, “If CBDCs are the encroachment on our civil liberties that the majority of people believe they are, we don’t have time to wait.” He said that CBDCs must be stopped before the Feds try to get it.

Further, the Florida Blockchain Association helped in drafting the state’s anti-CBDC bill, which was passed in Florida’s Senate recently.

Bank of America said in November that though CBDCs are growing globally, a digital Dollar is unlikely to launch anytime soon. “The Federal Reserve (Fed) continues to pilot CBDCs but has not committed to a CBDC and will not issue one without utive branch and Congressional support,” the bank wrote.