Trump vows to block Central Bank Digital Currency

Original article here.

Former President Donald Trump on Wednesday vowed that, should he return to the White House, he would block the Federal Reserve from developing a digital currency.

“Tonight, I’m 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,” Trump said at a rally in New Hampshire.

President Trump in New Hampshire: “Tonight, I’m 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.” pic.twitter.com/sLbmwy12Dl

— MAGA War Room (@MAGAIncWarRoom) January 18, 2024

A Central Bank Digital Currency (CBDC) is effectively a cryptocurrency under the control of a nation’s central bank, which in the U.S. is the Federal Reserve. Differentiating them from standard cryptocurrencies is their link to a national fiat currency, according to Investopedia.

Republicans have long warned of the potential risk of such a move, with Florida GOP Gov. Ron DeSantis calling last year to ban the use of any potential CBDC in the Sunshine State.

“A federally controlled Central Bank Digital Currency is the most recent way the Davos elites are attempting to backdoor woke ideology like Environmental, Social, and Governance (ESG) into the United States financial system, threatening individual privacy and economic freedom,” his office stated in March 2023. “The Biden administration’s efforts to inject a Centralized Bank Digital Currency is about surveillance and control.”

He signed legislation to that effect in May of last year.