In a surprising move, U.S. presidential candidate Donald Trump has vowed to “never allow” the creation of a central bank digital currency (CBDC) if elected. During a campaign speech in Portsmouth, Trump garnered cheers and applause when he made the promise. This statement comes amidst a growing interest in CBDCs worldwide, with countries such as China and Sweden actively exploring the possibilities of a digital currency backed by a central bank. Trump’s stance on CBDCs seems to align with his skepticism towards cryptocurrencies in general, as he has previously expressed concerns about their potential to facilitate illegal activities. It remains to be seen how this promise will play out if Trump is elected, and what impact it may have on the global discussions around CBDCs.
Trump’s announcement raises important questions about the future of central bank digital currencies. While some argue that CBDCs could provide greater financial inclusion and efficiency, others worry about potential risks, such as centralization and surveillance. Trump’s strong opposition to CBDCs may appeal to those who share his concerns about the potential risks associated with these digital currencies. However, it’s worth noting that the development and adoption of CBDCs are complex matters that involve careful consideration of various factors, including regulatory frameworks and technological infrastructure. While Trump’s promise may resonate with some, it remains to be seen whether a potential future president would have the ability to unilaterally “never allow” the creation of a CBDC. As the debate around CBDCs continues to unfold, it is essential to have open and informed discussions to ensure well-informed decision-making in the rapidly evolving field of digital currencies.
