Donald Trump, former United States President and presidential candidate of the Republican Party, has issued a vow regarding the creation of a central bank digital currency (CBDC) in the country.
In a recent campaign speech at Portsmouth, New Hampshire, the outspoken politician said he would ban the creation of a CBDC if he is reelected as President of the United States.
“As your president, I will never allow the creation of a central bank digital currency,” Trump was quoted as saying.
He asserted that currencies like CBDC would give the government absolute control over the people’s money, adding:
“They [the government] could take your money, and you wouldn’t even know it was gone,” he added.
Trump says he will prevent implementation of Central Bank Digital Currencies (CBDC) pic.twitter.com/vheJDn2HBg
— Bertman (@manofbert) January 18, 2024
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Trump made the remark as part of his campaign promise to protect Americans from government tyranny. According to Trump, the creation of central bank digital currency could pose a major threat to the freedom of American citizens. Hence, the former president intends to place a blanket ban on creating CBDC.
CBDC Emerges as a Major Topic in US Politics
It bears mentioning that the Federal Reserve has not published a proposal to introduce a central bank digital currency in the United States.
Even though there is no proposal for a CBDC, the digital currency has found itself entangled in political campaigns, with Trump being the latest politician to kick against its creation.
Last May, the office of Florida Governor Ron DeSantis also kicked against the creation of CBDC. DeSantis promised never to allow the launch of a CBDC if he eventually becomes the President of the United States.
Like Trump, DeSantis is also a presidential candidate of the Republican Party.
Trump Holds ETH Despite Criticizing Cryptos
Trump’s comments about CBDC are unsurprising, given that the former president has always been a major critic of cryptos. Despite being a major crypto critic, multiple sources claim that Trump owned over $2.4 million in Ethereum (ETH) as of August 2023. A few months later, the politician reportedly sold his ETH on Coinbase.
Trump’s ETH position was revealed a year after he debuted a non-fungible token (NFT) collection.
Meanwhile, Trump has been making significant progress in his re-election bid. On January 15, he recorded a major victory against DeSantis and U.N. Ambassador Nikki Haley during the Republican Presidential primary election in Iowa.
Suppose Trump continues to emerge victorious in the Republican primary election. In that case, he will become the party’s flag-bearer, thus enabling him to participate in the U.S. Presidential election scheduled for November 5, 2024.