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Updated January 18th, 2024 at 12:27 IST

Donald Trump pledges to ‘never allow’ development of CBDCs in US

, Ron DeSantis, the governor of Florida and a Republican candidate had previously made a similar commitment to oppose CBDCs on his first day as President.

Business Desk
US
Ex US President Donald Trump | Image:AP
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CBDCs in the USA: Former US President Donald Trump, in a recent campaign speech in Portsmouth, New Hampshire, declared that he would do his best to prevent the Federal Reserve from introducing a central bank digital currency (CBDC) in the United States. During the event on January 17, Trump asserted, "Tonight I'm making another promise to protect Americans from government tyranny. I will never allow the creation of a Central Bank Digital Currency."

The audience responded with applause, prompting Trump to remark, "I didn't know you know so much... New Hampshire, very smart people." He continued by expressing concerns about a CBDC, stating that it would grant the federal government absolute control over individuals' money, potentially allowing them to seize funds without the owner's knowledge. Trump said that CBDCs could be a threat to freedom and pledged to prevent its implementation in America.

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The announcement comes as Trump, who contested the 2020 presidential election results, launched his 2024 presidential race. The 60th quadrennial US presidential election is scheduled for Nov. 5, 2024.

Notably, Ron DeSantis, the governor of Florida and a Republican candidate had previously made a similar commitment to oppose central bank digital currencies on his first day as president. However, recent reports indicate that DeSantis lost to Trump in a crucial battleground state of Iowa on January 15, with the Florida governor consistently trailing Trump by more than 10 points in polls since the commencement of his campaign.

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Vivek Ramaswamy, a contender for the Republican Party nomination with a crypto-focused policy framework, withdrew from the race on January 15 following the Iowa Caucus results, where he secured approximately 8 per cent of the vote. Ramaswamy has officially thrown his support behind Donald Trump.

Former Securities and Exchange Commission enforcer John Reed Stark recently suggested that the crypto movement could play a pivotal role in the 2024 presidential election. Stark proposed that every presidential contender should promptly appoint an internal Crypto Czar to serve as the focal point and spokesperson for crypto-related matters within their campaign.

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Published January 18th, 2024 at 12:27 IST

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