Portsmouth, New Hampshire – January 18, 2024
In the chilly winds of January, the crowd in Portsmouth, New Hampshire, heard the distinctive voice of former President Donald Trump, now a presidential candidate once more. His words, promising protection against government tyranny, specifically rejecting the idea of a Central Bank Digital Currency (CBDC), resonated strongly.
“I will never allow the creation of a Central Bank Digital Currency,” Trump declared, expressing concerns about government control over individuals’ finances and the potential lack of transparency. The audience responded with applause on that cold night.
The debate surrounding CBDCs has become a focal point, with critics arguing that these digital currencies could grant the government unprecedented economic control, raising questions about privacy and individual freedoms.
While the Biden administration has shown favor towards CBDCs, public reception in other countries, such as Nigeria, has been lukewarm, leading to drastic measures to encourage adoption.
Trump’s stance aligns with other political figures, including Rep. Tom Emmer and Sen. Ted Cruz, who have introduced legislation aiming to prevent the Federal Reserve from issuing a CBDC. Their concerns revolve around the potential centralization of financial information and the risk of using a CBDC as a surveillance tool.
The ongoing dialogue reflects a broader struggle between government control and individual freedom, innovation and regulation. Trump’s words in Portsmouth underscore that the discussion on CBDCs is far from settled. It’s a nuanced conversation poised to shape the future of finance and the delicate balance between personal liberty and governmental oversight.
As the 2024 presidential election approaches, the debate around CBDCs continues to be a significant point of discussion in U.S. politics.