Donald Trump Speech On CBDC: Never Allow The Creation Of A CBDC

Key Points:

• Donald Trump speech on CBDC shows his harshness towards a U.S. central bank digital currency.
• Trump shifts from crypto skepticism to engaging in NFTs.

In a recent campaign speech, former President Donald Trump declared his staunch opposition to the creation of a U.S. central bank digital currency (CBDC) if he were to be reelected, labeling it a “dangerous threat to freedom.”

Read more: How Are Central Banks Around The World Developing CBDCs?

Donald Trump Speech On CBDC Clarifies Opposition Against Central Bank Digital Currency

Trump asserted that a CBDC would grant the government unprecedented control over citizens’ finances, allowing them to seize funds discreetly. Donald Trump speech on CBDC marks a significant departure from his prior skepticism towards cryptocurrencies, as he aims to court pro-crypto voters by releasing NFT collections and cashing out millions in Ethereum.

During the speech, Trump shared the stage with Vivek Ramaswamy, a former presidential candidate with crypto-friendly views who withdrew from the race to endorse Trump. Donald Trump speech on CBDC is rooted in concerns about de-banking and potential misuse by political entities.

United States Representative Tom Emmer, the majority whip of the U.S. House of Representatives, echoed Trump’s worries about CBDCs, emphasizing the threat to financial privacy. Emmer, via a post on X (formerly Twitter), expressed his commitment to collaborating with Trump in opposing what they perceive as an expansion of government surveillance.

Despite Trump’s previous disapproval of Bitcoin during his presidency, he has entered the crypto space with three nonfungible token (NFT) collections since leaving office.

The Federal Reserve is yet to decide on a fully digital version of the U.S. dollar, with Chair Jerome Powell affirming that any such move would require explicit approval from Congress and the executive branch.