In a prepared campaign speech for his upcoming appearance in Portsmouth, New Hampshire, President Donald Trump asserted his commitment to preventing the Federal Reserve from creating a Central Digital Bank Currency (CBDC).

Donald Trump – CBDC Is Political Weaponization

The remarks, obtained by The Post Millennial, highlighted Trump’s concerns about the potential risks associated with debanking and the political weaponization that could accompany the introduction of a CBDC.

The president emphasized his stance against such a financial development in an effort to address the perceived dangers and maintain financial stability. He said:

“As your president, I will never allow the creation of a Central Bank Digital Currency. Such a currency would give the federal government absolute control over your money. This would be a dangerous threat to freedom – and I will stop it from coming to America. We are also going to put in place strong protections to stop banks and regulators from trying to debanks you for your political beliefs. That will never happen while I am your president.”

Amidst the decline in the use of physical cash in favor of electronic and online payment systems, central banks worldwide, including the Bank of Canada, have initiated discussions on the potential implementation of digital currencies. Canada has actively participated in these ongoing dialogues surrounding the evolution of payment methods.

A Crypto-Friendly Approach

The recent comments from Donald Trump came a day after the pro-Bitcoin presidential candidate Vivek Ramaswamy suspended his campaign while endorsing Trump.

During his presidency, Trump expressed his disapproval of Bitcoin and other cryptocurrencies. In a tweet posted on Twitter (now X platform) in July 2019, he stated, “I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

However, House Majority Whip Tom Emmer (R-MN) believes that Trump’s return to the White House could lead to a crypto-friendly approach. The Congressman stated: “If the second Trump administration takes place, [the] president will be a lot more friendly to the crypto industry”.

Since leaving office, Trump has introduced three non-fungible token (NFT) collections. Simultaneously, certain analysts speculate that the price of bitcoin might achieve unprecedented peaks if Trump emerges victorious in the upcoming presidential election this year.

The post Donald Trump Pledges Opposition to CBDC Digital Dollar In Campaign Speech appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am