Trump Says He Will Never Allow Digital Dollar

Donald Trump (who is currently in the running for the Republican presidential nomination) has declared his staunch opposition to the creation of a central bank digital currency (CBDC).

In a campaign speech delivered in New Hampshire on Wednesday, the former US president asserted that the introduction of a CBDC could potentially give too much power to the federal government in matters concerning currency.

In his address, Trump emphasized his commitment to protecting Americans from government tyranny.

Trump stated, “Tonight, I am also making another promise to protect Americans from government tyranny. As your president, I will never allow the creation of a Central Bank Digital Currency. Such a currency would give the federal government, our federal government, absolute control over your money… They could take your money, and you wouldn’t even know it was gone.”

Trump is not the first in the US to decry CBDCs.

Several other Republicans have also said that they oppose CBDCs. Last year, Ted Cruz and Florida Governor Ron DeSantis introduced bills outlawing the introduction of a digital dollar.

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Also this week, the US states of Utah, South Carolina, South Dakota, and Tennessee all introduced bills that would exclude CBDC from the definition of money.

In the rest of the world, governments have been exploring the creation of CBDCs. According to the Atlantic Council’s CBDC tracker, 130 nations, accounting for 98% of global GDP, are currently investigating the possibility of adopting a central bank digital currency (CBDC).