Former United States President Donald Trump, who is once again vying to re-enter the White House, has criticized central bank digital currencies (CBDCs), stating that he would not allow such a project to launch in the US if elected President.
According to him, a CBDC will give the federal government total control, further describing it as a “threat to freedom.”
CBDC Will Not be Welcomed in the US, Says Trump
Trump, who is known to bash Bitcoin and crypto in the past, has extended the same sentiment towards CBDCs. In a campaign speech in Portsmouth, New Hampshire, on Jan. 17, he pledged to prevent the creation of a CBDC if he becomes the President of the United States as a way to protect the people.
“As your President, I will never allow the creation of a central bank digital currency. Such a currency will give a federal government, our federal government absolute control over your money. They could take your money, you won’t even know it’s gone.”
Trump further said that a CBDC would be a “dangerous threat to freedom,” vowing to stop the launch of such a currency in the United States.
The Republican’s statement echoes a similar view shared by another US Presidential candidate and current Governor of Florida, Ron DeSantis, who also promised not to allow the creation of a CBDC if elected President.
Robert F. Kennedy Jr, who is also competing in the US Presidential race, said in July 2023 that his administration would block the issuance of a CBDC while expressing support for Bitcoin.
More Countries Move Forward With Their CBDC Initiatives
Although the US may not be keen on having a CBDC, other countries continue to explore sovereign digital currencies. As previously reported by CryptoPotato, the Bank of Russia projected that the country’s CBDC – the digital ruble – could see widespread adoption by 2025. The country previously announced that the digital ruble pilot will commence in August 2023.
Brazil’s CBDC project is also expected to launch in 2024, while the Swiss National Bank is planning to test-run its own. Meanwhile, a recent public consultation conducted by the Bank of Canada revealed that the majority of Canadians were opposed to the idea of a digital Canadian dollar.
The European Central Bank (ECB) recently stated that it would progress to the next phase of its digital euro project following the conclusion of a two-year research program.