Donald Trump, former president of the United States and a clear contender for returning to this role, has made it clear that the creation of a central bank digital currency (CBDC) within the US will not occur under his watch should he be elected back into office.
He considers such a move a potential infringement on citizens’ liberties, equating them to the government gaining total control of finances.
In a recent campaign speech held in Portsmouth, New Hampshire, Trump made his anti-CBDC stance abundantly clear. He vowed to disallow the development of a CBDC, fostering a narrative that any such state-backed digital currency would only enable the federal government to exert complete dominance over citizens’ monetary assets. This, to him, appears as a direct threat to freedom.
Once known for his opposition toward Bitcoin and others in the cryptocurrency ecosystem in the past, something he has now reversed his position on, Trump extended the same disapproval to CBDCs.
He vowed to nip any attempt at such a development in the bud if he earns the title of US President once again. “As your President, I will never allow the creation of a central bank digital currency. Such a currency will give a federal government, our federal government absolute control over your money,” President Trump said. “They could take your money, you won’t even know it’s gone.”
Trump’s sentiments strike a chord with the perspective of the current Governor of Florida, Ron DeSantis, a fellow presidential hopeful who also pledged to quash any developments toward a CBDC if he succeeds in the race. Similarly, Robert F. Kennedy Jr and Ron DeSantis, other contender for the top seat, echoed these sentiments back in July 2023.
CBDCs could potentially lead to a dystopian future, marked by a significant erosion of financial privacy and an unprecedented concentration of power. The ability of governments to track all financial transactions in real-time raises concerns about total surveillance and the potential for financial censorship. This level of oversight could allow authorities to block transactions, freeze accounts, or alter balances, undermining the concept of personal asset security.
Additionally, the shift to a CBDC-dominated system could eliminate the anonymity provided by cash transactions, leading to a society where anonymous spending is impossible. The implementation of social credit systems, where financial capabilities are tied to government-approved behavior, could further erode individual freedoms.
Meanwhile, other nations continue to not only explore but embrace the idea of sovereign digital currencies, indicating a divergent approach to the United States. The Bank of Russia even anticipates the wide adoption of its own CBDC, known as the digital ruble, by 2025. The commencement of their pilot is set for August 2023.
Ooooh! So that’s what his anneurism the other day was, when he said - paraphrasing - “Banks, the banks, your rights the banks! Electric cars.”
Lotta bullshit in this text. Sure, when they quote Trump, it’s an accurate quote of bullshit from Trump. But then there are some unquoted bits direct from the author that are also bullshit.
Such a currency will give a federal government, our federal government absolute control over your money,”
Yes but only the money that people voluntarily decide to store in CBDCs. The private sector has proven to abuse their power, so a public option gives people the option to choose a different controller – as they choose. As they might like to choose. As someone who boycotts Paypal, Visa, Mastercard, and AmEx, I could use more options.
CBDCs could potentially lead to a dystopian future, marked by a significant erosion of financial privacy and an unprecedented concentration of power.
^ That’s not Trump talking – that’s reclaimthenet. And the truth is the opposite. Currently there is an unacceptable concentration of power, demonstrated when Paypal, Visa, MC, and AmEx colluded to block donations to Wikileaks. Having a competing alternative to those options further /divides/ the current concentration of power.
Additionally, the shift to a CBDC-dominated system could eliminate the anonymity provided by cash transactions, leading to a society where anonymous spending is impossible.
Nonsense. Citation needed. Having another option on the table does not change the anonymity of cash. The serial numbers on the cash banknotes cannot be tracked by the CBDC as cash changes hands. There is no mechanism to make this claim true.
And currently Visa and Mastercard are actively pushing the #warOnCash. When you use a visa or mastercard, you are feeding adversaries of cash. So having more alternatives gives options to avoiding feeding the war on cash.
