Trump Rejects CBDC, Advocates Crypto in Election Bid

In last week’s closing, Former President Donald Trump stated that he would never allow the authority to create the central bank digital currency (CBDC) if elected president in November 2024. Trump, in his defense, claimed that a digital dollar could empower the government to have total control over money and financial transactions performed by Americans.

President Trump promises to nix plans for a central bank digital currency during speech in Portsmouth, New HampshireWatch LIVE:

— RSBN 🇺🇸 (@RSBNetwork) January 18, 2024

While the Federal Reserve has studied the possibility of a CBDC, Fed Chair Jerome Powell has said it would not move forward without executive and legislative support. With Trump voicing strong opposition, bipartisan consensus remains hard to achieve. Trump adviser Vivek Ramaswamy has also advocated against a digital dollar.  

Trump’s anti-CBDC position contrasts with his recent embrace of cryptocurrencies. The former president has been selling non-fungible token royalties paid in Ethereum, sending over $2.4 million worth to Coinbase to liquidate. Financial deregulation advocate Dennis Kelleher speculates Trump would take an approach to crypto if re-elected.

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2024-01-31 00:36