REGULATION

Trump: Will never allow the Federal Reserve to issue CBDC, the federal government will control your money.

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Trump: Will never allow the Federal Reserve to issue CBDC, the federal government will control your money.

Trump: Will Never Allow the Federal Reserve to Issue CBDC

In his campaign speech on January 17th in New Hampshire, Trump emphasized the potential risks of CBDC in terms of bank disintermediation and political weaponization:

As your president, I will never allow the issuance of CBDC. This kind of currency would give the federal government absolute control over your money, and you never know when your money will disappear. It would be a dangerous threat to freedom, and I will prevent it from coming to the United States. We will also take strong protective measures to prevent banks and regulatory agencies from stripping your bank accounts based on your political stance. This will never happen as long as I am your president.

As Trump finished his speech, cheers erupted from the audience, and Trump praised the crowd for being very smart.

Some Opposition to CBDC Emerges

Despite the concept of CBDC being advocated for years, progress has been slow, and Federal Reserve Chairman Jerome Powell stated last year that CBDC is not in the near-term plans.

Powell emphasizes the Federal-level regulatory role for stablecoins, CBDC not in near-term plans

Trump's remarks are similar to those of Florida Governor Ron DeSantis, who requested a ban on CBDC in the state, claiming that CBDC is a means for the Biden administration to militarize the financial sector and track all global transactions, leaving no privacy for the public.

Preemptively stifling CBDC, Governor legislates for a comprehensive ban on CBDC in Florida