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Trump Firmly Opposes Central Bank Digital Currency in His Presidential Campaign

Trump Firmly Opposes Central Bank Digital Currency in His Presidential Campaign

Key Takeaways

  • As a presidential candidate, Donald Trump strongly opposes the establishment of a Central Bank Digital Currency in the US.
  • Ron DeSantis, also a presidential candidate, aligns with Trump's view on CBDCs but lags in the primary race.
  • The 2024 presidential election sees an increased focus on cryptocurrency policies, highlighted by the need for a "Crypto Czar" in each campaign.

Former President Donald Trump, now a presidential candidate for the 2024 elections, has taken a firm stance against implementing a Central Bank Digital Currency (CBDC) in the United States.

During a campaign speech in Portsmouth, New Hampshire, Trump pledged to his supporters that he would "never allow" the Federal Reserve to create such a currency, framing it as a stand against government overreach.

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In particular, following the response of enthusiastic applause, Donald Trump stated:

Tonight I’m making another promise to protect Americans from government tyranny. I will never allow the creation of a central bank digital currency.

Trump articulated his concerns about the potential risks CBDC poses, suggesting it could lead to unprecedented government control over individual finances.

Such a currency would give a federal government, our federal government, the absolute control over your money <...> they could take your money, and you wouldn’t even know it was gone.

This anti-CBDC sentiment is shared by fellow Republican and Florida Governor Ron DeSantis, who has also expressed opposition to central bank digital currencies. However, DeSantis recently faced a setback, trailing Trump by more than 10 points in the Iowa Republican party primary election held on January 15th.

The crypto-focused policies have also been a key part of Vivek Ramaswamy's campaign, another Republican Party contender. However, following a less-than-stellar performance in the Iowa caucus, where he received about 8% of the vote, Ramaswamy withdrew from the race and officially endorsed Trump.

Emphasizing the growing importance of cryptocurrency issues in American politics, John Reed Stark, a former US Securities and Exchange Commission enforcer, suggested that every presidential contender should appoint a "Crypto Czar." People in this position would serve as spokespersons for crypto-related matters within their campaigns, further integrating digital currency policies into the national political discourse.

Through his firm opposition to creating a CBDC, Trump is positioning himself at a crucial intersection of technology, finance, and politics. His stance resonates with a segment of the electorate concerned about government overreach in financial matters, especially in emerging technologies like digital currencies.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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