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Donald Trump says he will stop government-controlled digital currency (CBDCs)

Donald Trump says he will stop a government-controlled digital currency (CBDCs) Former U.S. President and Republican presidential candidate Donald Trump campaigns in Indianola, Iowa, U.S., January 14, 2024. REUTERS/Brendan McDermid

Former President Donald Trump has stated his intention to obstruct the development of a government-controlled digital currency.

This announcement comes amid discussions between the Federal Reserve and many global banks about central bank digital currencies (CBDCs).

During a recent speech in New Hampshire, Trump expressed his determination to prevent the establishment of a CBDC.

His primary concern is that a government-controlled digital currency could give the authorities too much control power over monetary matters.

He expressed concern that such a scenario could result in unprecedented levels of government influence, including unauthorized access to citizens’ funds.

Trump’s stance reflects his commitment to protecting Americans from perceived government overreach. The core of his argument is that a CBDC would give the government unrestricted control over people’s financial assets, potentially leading to unauthorized monetary withdrawals.

The former president’s concerns highlight the larger debate over privacy and financial autonomy.

While the Federal Reserve is considering the implementation of a CBDC, no final decision has been made. Governor Michelle Bowman has questioned the need for a CBDC, and Chair Jerome Powell has stated that any decision in this regard would require congressional approval.

The Federal Reserve’s official stance, as stated on its website, confirms that no final decision has been made on the issuance of a CBDC.

According to the Atlantic Council’s CBDC tracker, about 130 countries are actively exploring the concept of a CBDC, with 64 already in advanced stages.

The European Central Bank is preparing to introduce a digital euro, and China has already used the digital yuan in international trade transactions.

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Sophia Hernandez is an experienced crypto writer who has been writing about crypto and blockchain technology for 3 years. She has a deep understanding of the complexities of the crypto market and is skilled at breaking down these concepts into easy-to-understand language for readers.