Trump pledges to block Central Bank Digital Currency if elected for second term

Share This Post

Former U.S. President Donald Trump vowed to prevent the introduction of a Central Bank Digital Currency (CBDC) if re-elected, according to a Jan. 17 speech in New Hampshire.

Trump vehemently opposed the idea of a CBDC, labeling the currency as a potential tool for government tyranny and a means for the government to exert complete control over individuals’ finances.

“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 absolute control over your money. This would be a dangerous threat to freedom – and I will stop it from coming to America,” Trump said.

CBDC divides the U.S.

Perspectives about CBDCs diverge along partisan lines within the U.S. Democratic figures, such as Sen. Elizabeth Warren, champion the concept of these currencies, asserting that they hold the potential to address challenges within the banking sector.

Conversely, Republican legislators like Sen. Ted Cruz and Representative Tom Emmer staunchly oppose introducing a digital dollar.

Meanwhile, the Federal Reserve has remained skeptical about introducing the currency. Federal Reserve Governor Michelle Bowman recently argued that a CBDC could pose significant risks and tradeoffs for the financial system, including considerable consumer privacy concerns.

In addition, the financial regulator’s website clearly states that it has made no decision on issuing CBDCs and would only proceed with their issuance with an authorizing law.

Adoption grows abroad

Despite the U.S. government’s reluctance, several countries worldwide have been actively exploring this form of currency as an alternative to control the rising popularity of cryptocurrencies and stablecoins.

The Human Rights Foundation’s CBDC tracker reveals that over 100 countries, including the U.K., China, Nigeria, and Russia, are actively exploring and developing their CBDCs.

Morgan Stanley recently cautioned the potential impact of CBDC on the enduring supremacy of the U.S. dollar in the global economic landscape.

The financial institution posits that the proliferation of CBDCs can enhance the efficiency of cross-border transactions, thereby diminishing dependence on conventional financial intermediaries such as SWIFT.

Consequently, this evolution could reduce reliance on dominant currencies like the U.S. dollar.

The post Trump pledges to block Central Bank Digital Currency if elected for second term appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

The Year Of Solana: 2024 Sees Global Crypto Love Surge Nearly 40%

Solana (SOL) has emerged as a winner in the digital asset landscape as it captured the title of being the most popular blockchain ecosystem in 2024, according to the latest ranking of CoinGecko

Bitcoin’s Surge Could Just Be The Beginning Of A Sustained Rally: Tom Lee

The post Bitcoin’s Surge Could Just Be The Beginning Of A Sustained Rally: Tom Lee appeared first on Coinpedia Fintech News Fundstrat Head of Research Tom Lee has recently highlighted that

Bitwise: US Bitcoin Reserve Speculations Propel Crypto Market Gains

Recent findings from Bitwise’s Weekly Crypto Market Compass for Week 47, 2024, reveal an upbeat trajectory for cryptocurrency markets, with bitcoin leading the charge Its performance has

Breaking : Binance Introduces New Stablecoin With 19.55% APY

The post Breaking : Binance Introduces New Stablecoin With 1955% APY appeared first on Coinpedia Fintech News Binance in its latest announcement has revealed that it has launched the BFUSD

BlackRock’s IBIT Options Set To Begin Tomorrow: Nasdaq Head Of ETP Listings

The post BlackRock’s IBIT Options Set To Begin Tomorrow: Nasdaq Head Of ETP Listings appeared first on Coinpedia Fintech News BlackRock’s iShares Bitcoin Trust (IBIT) options are set to begin

Bitcoin Transaction Volume Reveals Retail Investors Are Coming – Details

Bitcoin has entered a brief consolidation phase after reaching new all-time highs last week, following an aggressive price surge that captured the market’s attention The rally came on the heels of