Trump promises to block CBDC

Donald Trump has vowed to prevent the creation of a central bank digital currency if he wins the US presidential election, calling a digital dollar a "dangerous threat to freedom".

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Trump promises to block CBDC

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Speaking at a campaign stop in New Hampshire, the former president and Republican party leadership race front-runner told a crowd: "As your president, I will never allow the creation of a central bank digital currency."


He continued: "Such a currency would give a federal government, our federal government, absolute control over your money. They could take your money, and you wouldn’t even know it was gone.

"This would be a dangerous threat to freedom, and I will stop it from coming to America."

 

Trump's rival for the Republican nomination has previously taken a similar stand, insisting: “If I am the president, on day one, we will nix central bank digital currency. Done. Dead. Not happening in this country.”

The Federal Reserve has been investigating the pros and cons of a digital dollar for several years, publishing a discussion paper on the issue in January 2022.

Fed chair Jerome Powell has remained noncommittal on the chances of a CBDC but other governors have made clear their scepticism, with one, Christopher Waller, saying the idea "remains a solution in search of a problem".

North of the border, Canada's Conservative party leader has also said he would ban the country's central bank from issuing a CBDC if his party wins the upcoming general election.

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