Trump: Absolutely not allowing the Federal Reserve to issue CBDC
CBDC faces a few opponents
Trump: Absolutely not allowing the Federal Reserve to issue CBDC
During his campaign speech on January 17th in New Hampshire, Trump emphasized the potential risks of CBDC, including the potential for de-banking and political weaponization:
As your president, I will never allow the issuance of CBDC. This currency would give the federal government absolute control over your money, and you will never know when your money disappears. This would be a dangerous threat to freedom, and I will prevent it from coming to the United States. We will also take strong protective measures to prevent banks and regulatory institutions from stripping your bank accounts based on your political stance. This situation will never occur under my presidency.
As Trump finished speaking, cheers erupted from the crowd, and Trump praised the audience for being very intelligent.
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CBDC faces a few opponents
Although the concept of CBDC has been advocated for many years, progress has been slow, and last year, Federal Reserve Chairman Jerome Powell also stated that CBDC is not part of the near-term plans.
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Powell emphasized the Federal-level stablecoin regulatory role, CBDC is not part of the near-term plans
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Trump’s statement is similar to Florida Governor Ron DeSantis’ request to ban CBDC in the state, claiming that CBDC is a means by which the Biden administration militarizes the financial sector and can track all global transactions, leaving no privacy for the public.
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Preemptively stifling CBDC, Governor legislates to ban CBDC comprehensively in Florida
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Further Reading
Preemptively stifling CBDC, Governor legislates to ban CBDC comprehensively in Florida
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