Trump Vows to Prevent CBDC Release

During a recent campaign event in New Hampshire, former U.S. President Donald Trump firmly declared his opposition to the establishment of a U.S. central bank digital currency (CBDC), labeling it a significant threat to individual freedoms. Trump, who is campaigning for re-election, promised that under his presidency, the creation of a CBDC would be unequivocally blocked, citing concerns over government overreach and the potential for unchecked control over citizens’ finances.

Trump articulated his stance emphatically, warning that a CBDC could grant the federal government complete authority over citizens’ money, to the extent that funds could be taken without individuals even realizing. The audience’s positive response to his declaration led Trump to commend their awareness and intelligence.

This firm opposition to CBDCs marks a notable shift in Trump’s approach to cryptocurrency, as he seeks to appeal to the pro-crypto voting bloc. His campaign rally was notably supported by the presence of Vivek Ramaswamy, a crypto-advocate and former presidential candidate who recently withdrew from the race to endorse Trump. Trump’s own engagement with the crypto space includes launching multiple NFT collections and successfully monetizing them.

The discourse around crypto and the potential introduction of a U.S. CBDC has increasingly become a focal point in political campaigns. Florida Governor Ron DeSantis, another Republican contender, has also expressed his stance against CBDCs and positioned himself as a defender of cryptocurrencies like Bitcoin.

Following his decision to exit the presidential race after securing about 8% of the vote in the Iowa caucus, Vivek Ramaswamy formally endorsed Trump. Meanwhile, the significance of the crypto movement in shaping the political landscape has been highlighted by John Reed Stark, a former SEC enforcer. Stark suggests that every presidential candidate should appoint a dedicated Crypto Czar to navigate and articulate their stance on this increasingly influential domain.

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