Former President Donald Trump pledged on Wednesday to “never allow” the federal government to create a Central Bank Digital Currency (CBDC), which he described as a “dangerous threat to freedom.” Trump’s opposition to CBDCs, a controversial, heavily regulated replacement for a cash-based economy, also marks a victory for one-time presidential candidate Vivek Ramaswamy, who allied with the Trump campaign earlier this week.
“Tonight, I’m making another promise to protect Americans from government tyranny. I will never allow the creation of a Central Bank Digital Currency,” former President Trump told a crowd of supporters at a rally in Portsmouth, New Hampshire. “Such a currency would give a federal government – our federal government – the absolute control over your money. This would be a dangerous threat to freedom – and I will stop it from coming to America.”
President Trump promises to nix plans for a central bank digital currency during speech in Portsmouth, New Hampshire
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Trump also pledged to address the issue of “de-banking” efforts against conservative individuals and organizations by large banks and regulators. “That will never happen while I am your president,” the Republican frontrunner declared.
CBCDs, a form of government-backed digital currency issued by central rather than commercial banks, have been touted by globalist organizations like the World Economic Forum (WEF) as the future of international economic progress. However, critics of the system see the government’s foray into the cryptocurrency space as a violation of personal freedom ripe for abuse.
CBDCs offer a path to a cashless future in which all transactions are safe, easy, and secure—but also completely under government control. Under this system, authorities will be able to monitor and control consumer spending, potentially allowing governments to punish political opponents by cutting off access to personal funds.
Even the US Federal Reserve is skeptical of the risks CBDCs pose, with Fed Governor Michelle Bowman stating that “the risk that a CBDC would provide not only a window into, but potentially an impediment to, the freedom Americans enjoy in choosing how money and resources are used and invested.”
Despite the risks, 130 countries—representing 98 percent of global gross domestic product—are reportedly developing or looking into CBDCs.
Related: The Hidden G20 Agenda of Digital ID and CBDC Initiatives
But if Donald Trump’s 2024 reelection bid is successful, the United States may not be among them.
The former president’s comments on Wednesday mark the first time he has publicly addressed the subject. Trump’s newfound interest in blocking CBDCs coincides with his new alliance with onetime campaign rival Vivek Ramaswamy, who dropped out of the Republican primary race earlier this week. After placing a distant fourth in the Iowa Caucuses, Ramaswamy threw his endorsement behind Trump, calling him “an America-First patriot.” For the duration of his campaign, the biotech entrepreneur was the most outspoken critic of CBDCs, denouncing them as a globalist effort to control everyday citizens.
Trump and Ramaswamy appeared onstage together on Wednesday night just before the former president addressed CBDCs, indicating to many that the Trump campaign is eagerly adopting many of Ramaswamy’s ideas now that it has his support.
Right answer to CBDC is: hell no. https://t.co/nJt3lzbN9Q
— Vivek Ramaswamy (@VivekGRamaswamy) January 17, 2024
Connor Walcott is a staff writer covering politics, culture, and business for Valuetainment.com. Follow Connor on X (Twitter).
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