Trump Vows to Never Allow a Central Bank Digital Currency

During a rally in New Hampshire Wednesday night, former President Donald Trump spoke out against the implementation of a Central Bank Digital Currency (CBDC). He stated, “I will never allow the creation of a Central…

Jessica Marie BaumgartnerJan 18, 20242 min read

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noted on Fox News, in a post shared on X, formerly Twitter, by Dave Smith, that he discussed the threat of a

CBDC

with

Trump

before he spoke.

Smith wrote, “If Trump is president again and @VivekGRamaswamy can persuade him to prevent CBDC he will be a genuine American hero.”

Journalist Efrat Fenigson called it “Another step in the right direction.”

X influencer ALX stated that Vivek’s discussion with Trump and his reaction to it was a “Perfect example of how Trump is receptive to good ideas and is willing to put them into action.”

The Federal Reserve defines a CBDC as “A digital form of central bank money that is widely available to the general public.”

A federal CBDC would be controlled by the Federal Reserve, and although that Central banking system claims that this would not replace the existing cash system, the devaluation of the dollar and de-dollarization of other nations could jeopardize those plans.

In addition, The Federal Reserve does note that “It might affect financial-sector market structure, the cost and availability of credit, the safety and stability of the financial system, and the efficacy of monetary policy.”

Furthermore, the Federal Reserve claims that a CBDC could be used to “protect against criminal activity,” but to what length has yet to be explained.

This has drawn concerns, being that in 2022, Canada froze the assets of law-abiding citizens who merely donated to the Freedom Convoy, a protest held by Canadian truckers who opposed COVID-19 vaccine mandates, per Newsweek.

No safeguards ensuring that similar policies would not be allowed in the case of an American Federal ReserveCBDC have been discussed by the current central bank.