Trump stated that he will not allow the creation of a CBDC.

Trump’s Opposition to CBDCs

Former President Donald Trump reiterated his opposition to central bank digital currencies (CBDCs), emphasizing their perceived threat to freedom during a speech in Portsmouth, New Hampshire. Vivek Ramaswamy, a cryptocurrency supporter and former presidential candidate, publicly endorsed Trump’s stance at the event.

Concerns Over Government Control:
Trump expressed concerns that CBDCs would grant the government excessive control over individuals’ finances, potentially enabling unauthorized access to funds. He vowed to prevent the introduction of a digital dollar in the United States to safeguard citizens’ financial autonomy.

Historical Remarks on Cryptocurrencies:
Trump’s skepticism towards cryptocurrencies is not new. In July 2019, he criticized Bitcoin and similar digital assets, questioning their legitimacy and citing their volatility and susceptibility to illicit activities like drug trafficking.

Trump’s Personal Cryptocurrency Holdings:
Despite his public skepticism, official disclosures revealed Trump’s ownership of digital currency holdings ranging from $250,000 to $500,000, primarily invested in Ethereum. Additionally, Trump has ventured into the realm of non-fungible tokens (NFTs), experiencing a significant surge in NFT sales.

Broader Opposition to CBDCs:
Trump is not alone in his stance against CBDCs. Florida Governor Ron DeSantis shares his concerns and advocates for proactive measures to counteract potential government overreach facilitated by CBDCs. The Florida Blockchain Association has actively supported legislation regulating cryptocurrencies in the state, which recently gained approval from the state Senate.

Federal Reserve’s Stance on CBDCs:
Despite growing global interest in digital currencies, the Bank of America suggests that a digital version of the US Dollar may not materialize soon. The Federal Reserve continues to explore CBDCs but will refrain from issuing one without consensus from the president and Congress.

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