Donald Trump Doubles Down on Anti-CBDC Stance, Credits Ramaswamy

Donald Trump Doubles Down on Anti-CBDC Stance, Credits Ramaswamy

UTC by Chimamanda U. Martha · 3 min read
Donald Trump Doubles Down on Anti-CBDC Stance, Credits Ramaswamy
Photo: Donald J. Trump / Facebook

While Trump and his cohorts believe the introduction of CBDCs to the financial economy is a dangerous threat to freedom, many nations around the world are exploring such assets.

In a passionate rally held in Laconia, New Hampshire, former US President Donald Trump reiterated his staunch opposition to central bank digital currencies (CBDCs) on Monday night.

Addressing a crowd of supporters, Trump credited Vivek Ramaswamy, a prominent critic of CBDCs, for influencing his policy stance on this contentious issue.

Ramaswamy, known for his crypto-friendly stance, recently suspended his campaign following a disappointing performance in Iowa, leaving a void in the Republican leadership race. The former presidential aspirant also declared his support for Trump, cheering him on to win the upcoming elections in November.

Donald Trump Vows to Never Allow CBDC Creation in the US

During his speech in New Hampshire, Trump told his supporters that he would never allow the creation of CBDCs in the United States if elected as the president.

Highlighting Ramaswamy’s role in shaping his views, Trump declared that he “will never allow the creation of a Central Bank Digital Currency,” as seen in a video posted on X (formerly Twitter) on January 23, 2024.

In another presidential rally on January 18, Trump had previously asserted that if re-elected as the new US president in the upcoming elections this year, he would stand firm against the implementation of CBDCs.

“As your president, I will never allow the creation of a central bank digital currency,” Trump said.

The former US president claimed that central bank digital currencies are a “dangerous threat to freedom”, emphasizing his commitment to preventing its introduction in America.

He further stated that such a currency would grant the federal government absolute control over individuals’ money, potentially allowing them to seize funds without the owner’s knowledge.

Florida Governor Joins Anti-CBDC Supporters

The former president’s vocal resistance to CBDCs reflects a broader concern about the implications of digital currencies on financial privacy and individual liberties. Interestingly, Trump’s anti-CBDC stance has garnered support from other key figures within the Republican party. Florida Governor Ron Desantis, another prominent critic of central bank digital currencies, recently suspended his campaign and publicly endorsed Trump.

Desantis, in a video posted online, expressed his belief that a majority of Republican primary voters desire to give Donald Trump another chance. He emphasized his commitment to supporting the Republican nominee, aligning with Trump’s position on CBDCs.

Governments Committed to Creating CBDCs

While Trump and his cohorts believe the introduction of CBDCs to the financial economy is a dangerous threat to freedom, many nations around the world are exploring CBDCs so they will have the option to introduce one in the future if it becomes pertinent.

In October last year, the Hong Kong government announced the formation of a CBDC expert group, composed of academics from various local universities in the country.

The 12-member group will be responsible for heading the research to explore potential use cases for its central bank digital currencies named eHKD.

According to reports last week, Egypt is taking significant steps in the development of its CBDC project, with plans to launch by 2030.

Information from Egyptian press sources revealed that the forthcoming e-pound, representing the digital currency of the Central Bank of Egypt (CBE), aims to bolster the competitiveness of Egypt’s national currency while simultaneously improving the effectiveness of monetary policy.

Countries such as Nigeria has already launched its CBDC dubbed e-naira to be used alongside its fiat in the nation. Other nations like the United Kingdom and South Korea are making headways towards the implementation of such currency in their regions.

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