Trump vows to BAN central bank digital currencies: “There will never be a CBDC while I am president”

07/31/2024 / By Richard Brown

Former President Donald Trump has reiterated that, when he wins his second term in the White House, he will ban central bank digital currencies (CBDCs) in the United States.

He made his stance clear once again during a speech on Saturday, July 27, at the Bitcoin Conference 2024 in Nashville, Tennessee, saying: “There will never be a CBDC while I am president.”

This statement echoes his previous comments on the matter, where he has consistently expressed strong opposition to the idea of a CBDC. He believes that such a currency would give the government too much control over people’s money and could potentially lead to financial tyranny.

Trump added that he will defend the right of cryptocurrency owners for self-custody and to create a framework for the expansion of stablecoins, or cryptocurrencies whose values are pegged to reference assets, in this case, the U.S. dollar. Trump believes creating such a framework will expand the dominance of the U.S. dollar. (Related: Trump announces plans to reject CBDCs, promote free speech in AI, ban government censorship, and defund censorship institutions.)

Trump’s firm stance underscores the escalating discussions surrounding CBDCs, a significant matter among global governmental bodies. To date, only a few countries have officially adopted such currencies. However, the digital currency landscape continues to evolve, with China advancing the implementation of its digital yuan, India progressing towards a digital rupee, and the European Central Bank initiating a preparatory phase for a potential digital euro.

CBDCs represent a significant evolution in the architecture of money. These digital forms of fiat currency, issued and regulated by a country’s central bank, promise enhanced efficiency in transactions and greater financial inclusion. However, they also pose potential risks to civil liberties that merit careful consideration, including concerns over privacy, surveillance and financial exclusion.

Trump promises to support Bitcoin from the White House

At the Bitcoin Conference, Trump declared that, during his second term, he will turn the U.S. into the “crypto capital” of the world and a “Bitcoin superpower” by expanding the mining of bitcoin.

Supporting this objective, Trump also pledged to keep 100 percent of all Bitcoin that the federal government currently holds, which he said will serve as the core of the U.S.’s “strategic national bitcoin stockpile.”

Trump also promised to fire Securities and Exchange Commission Chairman Gary Gensler “on day one” and appoint a new chair that will be more friendly to the cryptocurrency industry. In addition, he pledged to create an advisory council for Bitcoin and cryptocurrency, whose objectives include designing regulatory guidance for Bitcoin and crypto for the government moving forward.

Trump promised that the “anti-crypto crusade” of President Joe Biden and Vice President Kamala Harris “will be over” on the day he takes office.

“It will end. It will be done,” he said. “The moment I’m sworn in, the persecution stops and the weaponization ends against your industry.”

Biden’s exit from the presidential race has breathed new life into America’s struggling crypto community, believing that a new, Republican administration would provide them with a softer regulatory approach.

Watch this video discussing a report from the World Economic Forum explaining how nearly every central bank in the world is preparing to launch its own CBDC.

This video is from the Thrivetime Show channel on Brighteon.com.