Former U.S. president and presidential candidate, Donald Trump, has pledged to “never allow” the Federal Reserve to create a central bank digital currency (CBDC) in the United States.
Trump made this statement during a campaign speech in Portsmouth, New Hampshire, emphasizing his commitment to protecting Americans from what he perceives as government overreach.
Donald Trump stated, “I will never allow the creation of a Central Bank Digital Currency.”
He emphasized the potential dangers of a CBDC, stating that it would give the federal government absolute control over individuals’ money, allowing them to take funds without the knowledge of the account holders. He framed the issue as a threat to freedom and pledged to prevent the introduction of a CBDC in the United States.
Last year, a similar sentiment expressed by Florida Governor Ron DeSantis, who is also a Republican candidate. DeSantis pledged to “nix” CBDCs on his first day as president if elected. However, it’s worth noting that DeSantis has faced electoral challenges, including losing to Trump in a key battleground state.
Vivek Ramaswamy, a Republican Party contender who previously proposed a crypto-focused policy framework, has withdrawn from the race following the Iowa Caucus results, where he secured approximately 8% of the vote. Ramaswamy has now pledged his support to former President Trump.
The mention of the crypto movement playing a role in the 2024 presidential election came from John Reed Stark, a former Securities and Exchange Commission enforcer, suggesting that cryptocurrency-related policies and positions could become significant in future political campaigns.