Trump Firmly Opposes Federal Reserve’s Creation of Digital Currency

Republican frontrunner Donald Trump has promised to prevent the creation of a Central Bank Digital Currency (CBDC) if elected President, calling it a “threat to freedom” that would allow the government “absolute control” over people’s money. During a speech in Portsmouth, he announced, “I will never allow the creation of a central bank digital currency,” receiving applause from the audience. Trump explained that a CBDC would give the government absolute control over people’s money, posing a dangerous threat to freedom. He emphasized that a CBDC is a digital form of a country’s fiat currency that is issued and regulated by the central bank, backed by a government and not decentralized. Another GOP presidential candidate, Florida Governor Ron DeSantis, also opposes the idea of a CBDC, citing concerns over government control and privacy issues. He believes that a CBDC could potentially be used to restrict purchases of goods such as firearms or fuel and signed legislation in May of 2023 to protect residents of Florida from government surveillance of personal finances. President Joe Biden has directed the federal government to study the implications of a CBDC and how it might foster “financial inclusion and equity.”