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Just in case anyone forgot, former President Donald Trump reiterated that CBDCs (central bank digital currencies) pose a "dangerous threat to freedom," during a campaign event in New Hampshire.
During the speech, he pledged never to allow their creation in the United States if elected. Trump's remarks echo a growing chorus of concern among some political figures—including his former competitor for the Republican nomination: Florida Governor Ron DeSantis. The Florida governor announced he was dropping his bid over the weekend and, importantly, lent his support to Trump.
DeSantis has been adamant in speaking out against CBDCs, going so far as to say they're part of "woke politics" and arguing that they're used for "controlling" and "surveilling" people who use them.
Now Trump, leveraging his platform, amplified these apprehensions by saying CBDCs would grant the government unprecedented control over individual finances—down to the ability to "take your money, and you wouldn’t even know it was gone."
The stance against CBDCs is not isolated to Trump. Vivek Ramaswamy, a pro-crypto figure and former presidential candidate, has also underscored a significant anti-CBDC position—and made it clear that he supports Trump's bid for the U.S. presidency.
This political discourse around CBDCs is occurring amid a broader debate on the future of money, where digital currencies, both decentralized and state-backed, are vying for a role in the evolving financial landscape.
As the 2024 presidential election approaches, the conversation around CBDCs is likely to intensify, reflecting wider societal questions about the balance between innovation in financial technologies and the preservation of individual liberties. The opposition to CBDCs by figures like Trump and DeSantis not only highlights the political dimensions of this debate but also signals a pivotal moment in the discourse on the future of digital currencies and their place in American society.
Editor’s note: This article was written with the assistance of AI. Edited and fact-checked by Stacy Elliott.