Former President Donald Trump has pledged to ban the introduction of central bank digital currencies (CBDCs) if he is re-elected.
“It will be a dangerous threat to freedom, and I will prevent it from coming into the United States,” said Trump, who is leading in the Republican leadership race.
Such a currency would give the federal government "absolute control over your money," Trump said at a campaign event in New Hampshire. "They could take your money and you wouldn't even know it was gone." "I will never allow a central bank digital currency to be created."
Trump was joined on stage by Vivek Ramaswamy, a crypto-friendly former candidate who recently suspended his campaign and announced he would endorse Trump.
CBDCs gain traction in US politics
Although the Federal Reserve has not put forward a proposal to introduce a CBDC, a U.S. CBDC has become a hot topic in American politics. The topic has also become one of the main issues in the office of Florida Governor Ron DeSantis.
By choosing to focus on CBDCs and saying he wants to throw them in the trash, DeSantis has already drawn more public attention than he would have if he had focused on other frequently raised issues, such as gun rights and abortion rights.
Still, he is not against cryptocurrencies.
“We’re going to allow Americans to invest in things like bitcoin and cryptocurrencies,” he said at a campaign event in New Hampshire. “When I become president, Biden’s war on bitcoin currency will be over.”
The U.S. House Financial Services Committee also added a significant hurdle that would limit the Fed’s ability to issue CBDCs to individuals.
The CBDC Anti-Surveillance State Act, introduced by Majority Whip Tom Emmer in September 2023, prevents the Federal Reserve from issuing CBDC to individuals.
Emmer said that “central bank digital currencies are nothing more than a Chinese-style surveillance tool that can be weaponized to suppress the American way of life.”
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