As the Federal Reserve and international banks investigate CBDCs, Donald Trump has pledged to halt a central bank-controlled digital currency.
The Republican candidate for president, Donald Trump, has pledged to oppose a central bank digital currency (CBDC). He made this claim when speaking in New Hampshire, where he argued that a CBDC may provide the government with excessive power over the economy.
Protecting Americans against overreach by the government is an issue that Trump has often stated. He is concerned that a CBDC may lead to the government seizing private funds from its residents without their consent, which would be a major abuse of power.
Rumor has it that the Federal Reserve is still debating whether or not to establish a CBDC. Chair Jerome Powell said that any action would need the assent of Congress, while Governor Michelle Bowman is not persuaded of its necessity. The Federal Reserve has not yet decided whether or not to issue a CBDC, according to its website.
At the moment, 130 countries are considering CBDCs, and 64 of those nations are making significant progress on the Atlantic Council’s CBDC tracker. The European Central Bank is planning to introduce a digital euro, whereas China has already used its digital yuan in international trade.
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