During a campaign speech in New Hampshire, former President Donald Trump promised to oppose the creation of a digital currency by the US central bank (CBDC). Calling it a "dangerous threat to freedom". This statement represents a shift in his stance towards cryptocurrencies and appears to align his views with other Republican candidates.
Trump's firm stance on CBDCs and cryptocurrencies
Donald Trump has expressed firm opposition to the creation of a central bank digital currency. It's a stance that contrasts with his previous sceptical statements towards cryptocurrencies. This new stance can be interpreted as a strategy to attract cryptocurrency-friendly voters, a growing electoral group. It is worth noting that Trump has been critical of the idea of a CBDC. And has also been an active participant in the cryptocurrency market, notably through the sale of collections of NFTs. Generating substantial income in Ethereum. This move seems to mark an evolution in his perception of and commitment to digital currencies.
Political opposition to CBDC in the United States
In addition to Trump, other Republican politicians have voiced their opposition to CBDCs. Florida Governor Ron DeSantis has been particularly active in this fight, banning the use of CBDCs in his state. DeSantis expressed his fears that the federal government would use a digital currency to spy on and control citizens. At the same time, he raised the possibility of surveillance of Americans' consumer habits. This shared opposition among several Republican leaders highlights a growing mistrust of the potential implications of CBDCs in terms of privacy and individual freedom.
The broader context of CBDCs and their uncertain future in the United States
Although the US Federal Reserve is exploring the technological possibility of introducing a CBDC, the final decision has not yet been taken. It requires the agreement of Congress and the executive branch. The Fed sees a CBDC as a potential way of making the payment system more efficient, particularly for cross-border transactions. However, the exact design of this digital currency remains unclear. Fed officials have mooted an approach that would maintain traditional banks as intermediaries, thereby guaranteeing the confidentiality of transactions while complying with anti-money laundering rules. The balance between consumer privacy and the need for transparency to prevent criminal activity is at the heart of discussions about a possible CBDC in the US.
