Republican frontrunner Donald Trump made a bold promise to New Hampshire voters that he would prevent 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 “absolute control” over your money.
“Tonight I’m making 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 hearty applause for the announcement and noted that he was surprised such an inside baseball policy move would be greeted with such fervor.
“New Hampshire, very smart people,” he remarked.
President Trump promises to nix plans for a central bank digital currency during speech in Portsmouth, New Hampshire
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Trump Explains Why A Central Bank Digital Currency Is Dangerous
The former President, after praising New Hampshire voters for being current on their information, proceeded to explain the dangers of creating a Central Bank Digital Currency.
“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,” he advised.
“This would be a dangerous threat to freedom, and I will stop it from coming to America,” he added.
A CBDC is a digital form of a country’s fiat currency that is also a claim on the central bank. It is issued and regulated by the central bank and serves as a digital version of physical cash.
They differ from cryptocurrencies, as they are backed by a government and are not decentralized.
DeSantis Banned CBDCs In Florida
Another GOP presidential candidate has sided with the view that a Central Bank Digital Currency should be opposed. Flordia Governor Ron DeSantis believes that a CBDC could give the federal government too much control over people’s money and potentially be used to restrict purchases of goods such as firearms or fuel.
“A federally controlled Central Bank Digital Currency is the most recent way the Davos elites are attempting to backdoor woke ideology like Environmental, Social, and Governance (ESG) into the United States financial system, threatening individual privacy and economic freedom,” he said in a statement last year.
“The Biden administration’s efforts to inject a Centralized Bank Digital Currency is about surveillance and control,” DeSantis continued.
Tucker: Are you concerned about Central Bank Digital Currencies?
DeSantis: “They want to get rid of cash. They want no cryptocurrency. They want this to be the sole form of legal tender. It will allow them to prohibit undesirable purchases like fuel and ammunition. So, the… pic.twitter.com/Lmv5OzerlF
— KanekoaTheGreat (@KanekoaTheGreat) July 14, 2023
DeSantis has also pointed out that a CBDC could pose privacy concerns, as it would allow the government to monitor all transactions.
He signed legislation in May of 2023 designed to protect residents of the Sunshine State from government surveillance of personal finances.
“The government and large credit card companies should not have the power to shut off access to your hard-earned money because they disagree with your politics,” 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 it,” DeSantis added. “In Florida, we value personal freedom and won’t allow self-interested elites to chip away at our liberty.”
President Joe Biden signed an executive order in 2022 directing the federal government to study the implications of a CBDC and how it might foster “financial inclusion and equity”.
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