Donald Trump Opposes CBDC in Latest Campaign Address

• Trump is worried about the dangers of debanking and political weaponization.
• Bitcoin and other cryptos were strongly opposed by Trump when he was president.

There has been some talk about digital currency deployment among central banks throughout the globe, as people move away from using physical cash and toward online and electronic payment methods. In these continuing discussions on the development of payment mechanisms, the U.S has been keen on introducing a CBDC.

Trump made it clear in his campaign address that he would stop the U.S Federal Reserve from issuing a CBDC in his planned remarks for his forthcoming presentation in Portsmouth, New Hampshire.

Strong Opposition by Former President

These words, which were acquired by The Post Millennial, showed that Trump was worried about the dangers of debanking and the political weaponization that may come with a CBDC. To allay fears and keep the economy stable, the former president has made clear his opposition to such a financial development.

Moreover, the remarks made by Donald Trump followed a day after Vivek Ramaswamy, a presidential candidate who is pro-Bitcoin, endorsed Trump and ended his presidential bid.

Bitcoin and other cryptocurrencies were strongly opposed by Trump when he was president. In a July 2019 tweet published on Twitter, he expressed his disapproval of cryptocurrencies like bitcoin, arguing that they lack inherent value as money and are subject to extreme price volatility. Illegal activities, like the drug trade, may be facilitated by unregulated crypto assets as per the former President back then.

House Majority Whip Tom Emmer (R-MN), on the other hand, thinks a crypto-friendly policy might emerge from Trump’s reelection to the presidency. Trump has released three collections of non-fungible tokens (NFTs) since he left office.

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