During a rally in New Hampshire Wednesday night, former President Donald Trump spoke out against the implementation of a Central Bank Digital Currency (CBDC).
President Trump promises to nix plans for a central bank digital currency during speech in Portsmouth, New Hampshire
— RSBN 🇺🇸 (@RSBNetwork) January 18, 2024
Watch LIVE: https://t.co/EpMWdufokm pic.twitter.com/pU0l4wukMM
He stated, “I will never allow the creation of a Central Bank Digital Currency.”
When the crowd offered a supportive response, he praised the people of New Hampshire for being current on this issue and understanding what it means.
Trump explained, “You know what they’re doing. Such a currency would give the federal government, our federal government, the absolute control over your money. They could take your money. You wouldn’t even know it’s gone.”
“This would be a dangerous threat to freedom, and I will stop it from coming to America,” he added.
Vivek Ramaswamy noted on Fox News, in a post shared on X, formerly Twitter, by Dave Smith, that he discussed the threat of a CBDC with Trump before he spoke.Â
If Trump is president again and @VivekGRamaswamy can persuade him to prevent CBDC he will be a genuine American hero. pic.twitter.com/WaAu2hF6nk
— Dave Smith (@ComicDaveSmith) January 17, 2024
Smith wrote, “If Trump is president again and @VivekGRamaswamy can persuade him to prevent CBDC he will be a genuine American hero.”
Journalist Efrat Fenigson called it “Another step in the right direction.”
Another step in the right direction.
— Efrat Fenigson (@efenigson) January 18, 2024
Ban #CBDC! https://t.co/ojWNaw5B2S
X influencer ALX stated that Vivek’s discussion with Trump and his reaction to it was a “Perfect example of how Trump is receptive to good ideas and is willing to put them into action.”
Last night, Vivek said he discussed opposing a Central Bank Digital Currency with Donald Trump.
— ALX 🇺🇸 (@alx) January 18, 2024
Tonight Trump announced he would never allow the creation of CBDCs
Perfect example of how Trump is receptive to good ideas and is willing to put them into action. pic.twitter.com/q7C83GslAY
The Federal Reserve defines a CBDC as “A digital form of central bank money that is widely available to the general public.”
A federal CBDC would be controlled by the Federal Reserve, and although that central banking system claims that this would not replace the existing cash system, the devaluation of the dollar and de-dollarization of other nations could jeopardize those plans.
In addition, The Federal Reserve does note that “It might affect financial-sector market structure, the cost and availability of credit, the safety and stability of the financial system, and the efficacy of monetary policy.”
Furthermore, the Federal Reserve claims that a CBDC could be used to “protect against criminal activity,” but to what length has yet to be explained.
This has drawn concerns, being that in 2022, Canada froze the assets of law-abiding citizens who merely donated to the Freedom Convoy, a protest held by Canadian truckers who opposed COVID-19 vaccine mandates, per Newsweek.
No safeguards ensuring that similar policies would not be allowed in the case of an American Federal reserve CBDC have been discussed by the current central bank.