opinion
Republican front-runner Donald Trump made a bold promise to New Hampshire voters that he would block the creation of a central bank digital currency (CBDC) if elected president.
Trump called the move a “threat to freedom” that would allow the government to “absolutely control” your money.
“Tonight, I make another promise to protect Americans from government tyranny,” he announced during a speech in Portsmouth on Wednesday evening. “I will never allow the creation of a central bank digital currency.”
Trump received a standing ovation for the announcement, and noted that he was surprised that such a move within baseball politics would be received with such enthusiasm.
“New Hampshire are very smart people,” he noted.
President Trump promised to scrap plans for a central bank digital currency during his speech in Portsmouth, New Hampshire
Watch the live stream: https://t.co/EpMWdufokm pic.twitter.com/pU0l4wukMM
— RSBN 🇺🇸 (@RSBNetwork) January 18, 2024
RELATED: Ramaswamy greeted with 'Vice President' chants at Trump rally as former President Vivek says 'he's going to work with us for a long time'
Trump explains why central bank digital currency is so dangerous
After the former president praised New Hampshire voters for being well-informed, he proceeded to explain the risks of creating a central bank digital currency.
“Such a coin would give the federal government – our Federal Government – Absolute control of your money. They could take your money, and you won't even know it's gone.
He added: “This would be a serious threat to freedom, and I will prevent him from coming to America.”
A central bank digital currency (CBDC) is a digital form of a country's fiat currency that is also a claim on the central bank. They are issued and regulated by the central bank and act as a digital version of physical cash.
It differs from cryptocurrencies, in that it is backed by the government and is not decentralized.
RELATED: 'Control your client': Judge tells Trump he can't make closing arguments, objects to 'fraud' trial anyway
DeSantis has banned central bank digital currencies (CBDCs) in Florida
Another Republican presidential candidate sided with the view that central bank digital currencies should be opposed. Florida Governor Ron DeSantis believes a central bank digital currency (CBDC) agreement could give the federal government too much control over people's money and potentially be used to restrict purchases of goods like firearms or fuel.
“A federal government-controlled central bank digital currency is the latest way in which Davos elites are trying to awaken an ideology like environmental, social and governance (ESG) in the US financial system, threatening individual privacy and economic freedom,” he said in a statement. Statement last year.
“The Biden administration’s efforts to introduce a central bank digital currency are about surveillance and control,” DeSantis continued.
Tucker: Are you concerned about central bank digital currencies?
DeSantis: “They want to get rid of cash. They don't want any cryptocurrency. They want this to be the only form of legal tender. It will allow them to block unwanted purchases like fuel and ammunition. So,… pic.twitter.com/Lmv5OzerlF
-Kanekoa The Great (@KanekoaTheGreat) July 14, 2023
DeSantis also noted that central bank digital currencies (CBDC) could pose privacy concerns, because they would allow the government to monitor all transactions.
He signed legislation in May 2023 aimed at protecting Sunshine State residents from government surveillance of their personal finances.
“The government and major credit card companies should not have the ability to deny access to your hard-earned money because they disagree with your policies,” he said at the time.
“Biden’s central bank digital currency aims to increase government control over people’s finances, and we will not allow that,” DeSantis added. “In Florida, we value personal freedom and will not allow self-interested elites to infringe on our freedom.”
President Joe Biden signed an executive order in 2022 directing the federal government to study the implications of a CBDC and how it could advance “financial inclusion and equity.”
Now is the time to support and share the sources you trust.
The Policy Insider ranks third on Feedspot's “Top 100 Political Blogs and Websites” list.
