In case anyone has forgotten, former President Donald Trump reiterated at a campaign event in New Hampshire that central bank digital currencies (CBDCs) pose a “dangerous threat to freedom.”
During his speech, he pledged that if elected, he would never allow creative writing in the United States. Trump’s comments reflect growing concern among some politicians, including his former Republican primary rival, Florida Gov. Ron DeSantis. The Florida governor announced over the weekend that he was abandoning his candidacy and, importantly, threw his support behind Trump.
DeSantis has been adamantly opposed to CBDCs, saying they are part of “woke politics” and claiming they are used to “control” and “surveill” those who use them.
Now Trump has used his platform to amplify those concerns by saying CBDCs will give governments unprecedented control over personal finances. “As far as the ability to take your money, you won’t even know it’s gone.”
The position on CBDC is not limited to Trump. Cryptocurrency proponent and former presidential candidate Vivek Ramaswamy also highlighted his important stance against CBDCs and made it clear that he supports Trump’s US presidential bid.
This political discourse surrounding CBDCs is occurring amid a broader debate about the future of money, where decentralized and state-backed digital currencies are competing for roles in the evolving financial landscape.
As the 2024 presidential election approaches, conversations about CBDCs are likely to intensify, reflecting broader societal questions about the balance between innovation in financial technology and the preservation of individual freedoms. Opposition to CBDCs from figures like Trump and DeSantis not only highlights the political dimension of this debate, but also marks a pivotal moment in the discourse about the future of digital currencies and their place in American society.
Editor’s note: This article was created with the help of AI. Edited and fact checked by Stacy Elliott.
