Trump Promises to Protect Americans from CBDC, If Elected

Former President and US presidential candidate Donald Trump has conducted an election campaign in Portsmouth, New Hampshire. In his campaign speech, he shared his views on the disapproval of the Central Bank Digital Currency (CBDC) in the USA.

Announcement made by Trump

He said, “Tonight, I am also making another promise to protect Americans from government, and as president, I will never allow the creation of a central bank digital currency.”

With this announcement, the crowd cheered his words and showed their agreement with the announcement with applause. 

Reasons for Trump Opposing CBDC Creation

Trump very well presented his basis for the disapproval, as he does not want the government in control to have access to citizens’ money. The government will have access to take money from citizens’ accounts and they would not even know about it.

It emphasized the threat to freedom with the establishment of the CBDC and promised to protect American citizens from such threats. He said, “It would be a dangerous threat to freedom, and I will prevent it from coming to America.” 

Trump’s Take on Cryptocurrencies

Cryptocurrency enthusiasts and investors should not be concerned about his disapproval of CBDC. His statements should not be perceived as an opposition to cryptocurrencies. 

The business tycoon and former president have previously shown significant investment interest in cryptocurrencies. Besides, he also owns a portfolio in Ethereum. As per the disclosure reports updated on CREW in Washington, Trump holds investments in all the major Bitcoin and other cryptocurrency-based businesses. The report was last disclosed by Citizens for Responsibility and Ethics on August 14, 2023, and on that day, investment holdings in ETH amounted to $2.8 million.

Apart from personal investments, Trump even encouraged his supporters to contribute to his election campaign by utilizing cryptocurrencies.

Other Candidates’ Views on CBDCs

Previously, in 2023, Florida governor and presidential candidate Ron DeSantis also made a similar comment.

Another contender in the Republican Party nomination race, Vivek Ramaswamy, has proposed a political framework around cryptocurrencies. He is known to be a vocal critic of CBDCs.

Moreover, Joe Bidden, the current president and a member of the opposition party, has very much regulated the crypto space. In the remaining time of his tenure, he is dedicated to working for the elimination of taxation loopholes benefiting crypto investors.

Robert F. Kennedy Junior, another member of the Democratic Party, is in love with crypto. He said, “Bitcoin embodies two of my highest ideals, transparency and trust. It’s important not only for bitcoin but for democracy to be decentralized.” He has personal investments in Bitcoin and he says he will exempt such investments from applicable capital gains taxes if elected. 

However, he also opposes the introduction of CBDC in the USA. 

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.