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Donald Trump warns CBDCs ‘can rob your money’

Donald Trump warns CBDCs ‘can rob your money’

Former United States President Donald Trump has reiterated his opposition to central bank digital currencies (CBDCs), maintaining that they pose a risk to financial privacy.

According to Trump, if elected in the November presidential polls, he will block the implementation of the currency, citing the protection of the Second Amendment. He made the remarks during a campaign stop in Rochester, Hampshire, on January 21.

“I will fully uphold the Second Amendment. I will never allow the creation of a central bank digital currency where they can rob your money. We will protect innocent life, and we will restore free speech,” Trump said. 

This is not the first time Trump has expressed his opposition to CBDCs. As reported by Finbold, Trump stressed that he intends to ban the implementation of the currency, vowing never to allow it in the US.

“As your President, I will never allow the creation of a Central Bank Digital Currency. Such a currency would give the federal government absolute control over your money. This would be a dangerous threat to freedom,” he said.

Support for Trump on CBDC

It’s worth noting that Trump’s stance on CBDCs has received support from several Republican lawmakers, led by House Majority Whip Tom Emmer. According to Emmer, preventing the implementation of a digital dollar is partly aimed at curbing what he termed as government surveillance.

In this line, the US House Financial Services Committee passed the CBDC Anti-Surveillance State Act as part of an initiative against the proposed currency. Emmer stated that the bill effectively stops endeavors to create a financial surveillance tool that could potentially erode the foundations of the ‘American way of life.

Furthermore, in addition to Trump’s opposition to CBDCs, the former head of state has expressed disapproval of Bitcoin (BTC) and cryptocurrencies, stressing that their unregulated nature and volatility make them susceptible to use in illegal activities.

Nevertheless, Trump owns a non-fungible token (NFT) project known as Trump Digital Collectible Cards. This project showcases digital cards featuring images of Trump. 

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