Donald Trump has vowed to stop the issuance of a government-controlled digital currency if elected, as the Federal Reserve and global banks explore CBDCs.
Donald Trump, running for the Republican presidential nomination, has promised to block a central bank digital currency (CBDC).
He said this during a speech in New Hampshire, arguing that a CBDC could give the government too much control over money.
Trump has made it clear that he wants to protect Americans from government control. He fears that a CBDC would let the government have total control over citizens’ money, it could get as bad as the government taking citizen’s money without their knowledge.
It has been reported that The Federal Reserve is considering a CBDC but has not decided yet.
Governor Michelle Bowman is not convinced of its need, while Chair Jerome Powell said any decision would need Congress’s approval.
The Fed’s website confirms no decision has been made about issuing a CBDC.
Globally, 130 countries are exploring a CBDC, with the Atlantic Council’s CBDC tracker showing 64 in advanced stages.
The European Central Bank is preparing for a digital euro, and China has already used its digital yuan for international trade.