Donald Trump vows to ‘never allow’ creation of a CBDC in the United States

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United States presidential candidate and former President Donald Trump has vowed to “never allow” the Federal Reserve to create a central bank digital currency (CBDC) in the country. 

The pledge came during a campaign speech in Portsmouth, New Hampshire, on Jan. 17, where the former president said, “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 declaration was met with rapturous applause, to which Trump replied, “I didn’t know you know so much … New Hampshire, very smart people,” before continuing to explain:

“Such a currency would give a federal government, our federal government, the absolute control over your money […] they could take your money, and you wouldn’t even know it was gone.”

“This would be a dangerous threat to freedom, and I will stop it from coming to America,” he said.

Donald Trump, who controversially challenged the results of the 2020 presidential election, announced the launch of his 2024 presidential bid in November 2022. The 60th quadrennial U.S. presidential election will be held on Nov. 5, 2024.

In 2023, fellow presidential candidate and Florida Governor Ron DeSantis made a similar pledge, promising to “nix” central bank digital currencies on his first day as president. 

As Cointelegraph recently reported, Desantis lost to Trump in the Republican party primary election in the key battleground state of Iowa on Jan. 15. The Florida governor has consistently polled behind Trump by more than 10 points since launching his campaign.

Vivek Ramaswamy, another contender for the Republican Party nomination who proposed a crypto-focused policy framework, dropped out of the race on Jan. 15 following the Iowa caucus results, where he finished with roughly 8% of the vote. He has officially endorsed Trump.

On Jan. 17, former U.S. Securities and Exchange Commission enforcer John Reed Stark said the crypto movement could hold the key to the 2024 presidential election.

“Every presidential contender should immediately appoint an internal Crypto Czar to serve as the crypto-focal point and crypto-spokesperson for that candidate.”

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