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Donald Trump, the former U.S. president who is currently seeking the Republican nomination for president, vowed on Wednesday that he would never allow a central bank digital currency (CBDC) if elected.
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Speaking at a campaign rally in New Hampshire, Trump said that CBDCs could give the federal government too much power over money.
“I’m making another promise tonight to protect Americans from the tyranny of government,” Trump said. “As your president, I will never allow the creation of a Central Bank Digital Currency. Such a currency would give the federal government, our federal government, absolute control over your money… They can take your money and you won’t even know it’s gone.”
Donald Trump’s digital currency comments
Donald Trump’s digital currency comments come as the Federal Reserve is exploring the possibility of issuing a CBDC. Federal Reserve Governor Michelle Bowman said in October that she has not yet seen a compelling argument for a U.S. CBDC and that other alternatives could address financial challenges.
The Fed has made it clear on its website that it has not made any decisions about issuing a CBDC and would only proceed with issuance with an authorizing law. Federal Reserve Chairman Jerome Powell said in March 2023 before the House Financial Services Committee that a CBDC is “something that we would certainly need congressional approval for.”
A CBDC tracker compiled by the Atlantic Council showed that 130 countries, representing 98% of global gross domestic product, are researching a CBDC.
According to the Atlantic Council, 64 countries are in advanced stages, with the European Central Bank announcing in October that it is in the “preparation phase” for a digital euro and China completing its first international crude oil trade with the digital yuan.