In a passionate address to a packed rally in Portsmouth, former President Donald J. Trump firmly opposed the creation of a Central Bank Digital Currency (CBDC) in the United States. Trump vowed to thwart any government attempts to introduce such a currency, emphasizing his concerns regarding privacy infringement and government overreach.
Addressing a large audience of supporters, Trump declared, “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.”
These remarks come amidst global discussions among financial institutions and governments exploring the potential implementation of CBDCs. Trump voiced worries about the absolute control a federal government could exert over individuals’ money, posing a threat to freedom by surreptitiously seizing funds without the owner’s knowledge.
Critics of CBDCs frequently highlight increased surveillance and the erosion of financial autonomy as significant drawbacks. Trump’s firm commitment to blocking CBDC development aligns him with those concerned about the impact on digital currency and personal liberty.
In 2022, during a period of inflation and market instability, Fed Chair Jerome Powell revealed the Federal Reserve’s exploration of a U.S. Central Bank Digital Currency. Trump’s stance contrasts sharply with Powell’s move and underscores the divergent views within the ongoing debate on digital currency.
A group of global elites convened in 2022 to discuss central bank-controlled digital currencies with potential implications for individual behavior control. The use of this technology, as reported by Activist Post, raised concerns about privacy, as every transaction could be monitored for compliance.
In 2023, the International Monetary Fund (IMF) announced plans for a global CBDC platform. IMF managing director Kristalina Georgieva stressed the need for interoperability and global connectivity to make transactions more efficient and fairer.
Last year, House Majority Whip Tom Emmer reintroduced the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act, garnering support from 50 Republican co-sponsors. Emmer’s legislation seeks to counter the Biden administration’s perceived overreach into financial privacy by opposing the implementation of a government-issued digital currency.
At the core of Emmer’s legislation is the belief that a CBDC would grant unprecedented powers to the federal government to monitor and control individual financial transactions, contrary to the principles of privacy, individual sovereignty, and free-market competitiveness. Emmer emphasized the need to safeguard Americans’ right to financial privacy amidst the evolving landscape of digital currency policy.