Former US president Trump proposes ban on implementation of CBDCs if elected

2024-01-18 01:07:20

Former U.S. President and candidate in the 2024 elections Donald Trump spoke out against central bank digital currencies (CBDCs).

The pledge came during a campaign speech in Portsmouth, New Hampshire, on Jan. 17. The former President spoke about banning CBDCs as part of his election campaign, saying he will “never allow” the Federal Reserve to create a digital currency.

“I will never allow the creation of a Central Bank Digital Currency.”

Donald Trump, former U.S. President

He says that central bank digital currencies function as de facto tools to control citizens.

“Such a currency would give a federal government, our federal government, the absolute control over your money […] they could take your money, and you wouldn’t even know it was gone.”

Donald Trump, former U.S. President

Previously, other candidates for the U.S. presidency made similar promises. In particular, Florida Governor Ron DeSantis promised the crypto community that he will rid the crypto industry of regulatory pressure and save the United States from issuing what he considers a potentially dangerous CBDC.

Notably, the negative attitude towards CBDCs does not prevent Trump from remaining a blockchain enthusiast. The former American president has already released several collections of non-fungible tokens (NFTs), the latest of which came out last month.

According to official documents, in August 2023, Trump was found to have a wallet containing digital assets worth $2.8 million. At the same time, he previously noted that BTC “just seems like a scam,” making it clear that he prefers fiat currency.

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