In a fervent speech delivered to a crowded rally in Portsmouth, former President Donald J. Trump took a definitive stance against the creation of a Central Bank Digital Currency (CBDC) in the country.
Trump expressed his commitment to block any government efforts to create such a currency, highlighting his concerns about privacy and governmental overreach.
“Tonight, I am also making another promise to protect Americans from government tyranny,” Trump declared, addressing a sea of supporters.
“As your president, I will never allow the creation of a central bank digital currency.”
Trump’s comments come amidst growing discussions among global financial institutions and governments about the potential implementation of CBDCs.
“Such a currency would give a federal government, our federal government, the absolute control over your money,” Trump said.
“They could take your money. You wouldn’t even know it was gone. This would be a dangerous threat to freedom.”
President Trump: “Tonight, I am also making another promise to protect Americans from government tyranny. As your president, I will never allow the creation of a Central Bank Digital Currency.” pic.twitter.com/pg2z5M1VkO
— Trump War Room (@TrumpWarRoom) January 18, 2024
Critics of CBDCs often cite the potential for increased surveillance and the erosion of financial autonomy as significant drawbacks. Trump’s commitment to blocking the development of a CBDC underscores these concerns and positions him at the forefront of the debate on digital currency and personal liberty.
In 2022, as inflation skyrocketed and markets collapsed, Fed Chair Jerome Powell announced that the Federal Reserve was exploring the possibility of a U.S. Central Bank Digital Currency.
“Rapid changes are taking place in the global monetary system that may affect the international role of the dollar,” Powell said.
In the same year, a group of world elites met this week to discuss the implementation of digital currencies run by central banks that will allow the world elites to control your behavior. Using this technology, these elites, who believe they are so much more important and clever than you are, will decide what you can eat, say, and do.
Activist Post reported, “Unlike cryptocurrencies, which are private, Central Bank Digital Currency (CBDC) will be issued and controlled by the central banks themselves. In many ways, it’s the same as banknotes, but it’s likely that every single transaction will be monitored for compliance…”
“…As a result of this potential programmability, government agencies can precisely target their support packages to the right people. CBDCs can’t solve every financial inclusion challenge, but they can work together with financial literacy and digital literacy. CBDC will have to work with other policies like digital identities and wallets.”
In 2023, the International Monetary Fund (IMF) announced its plans to develop a global Central Bank Digital Currency (CBDC) platform.
“If we are to be successful, CBDCs could not be fragmented national propositions,” said IMF managing director Kristalina Georgieva
“To have transactions more efficient and fairer, we need systems that connect countries. In other words, we need interoperability. For this reason, at the IMF we are working hard on the concept of a global CBDC platform to trade and to manage risks,” she added.
Last year, House Majority Whip Tom Emmer (MN-06) reintroduced his flagship legislation, the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act, signaling a strong countermove against the Biden regime’s overreach into Americans’ financial privacy.
Emmer has rallied a significant bloc of 50 original Republican co-sponsors, underscoring the concern among conservatives about the implications of a government-issued digital currency.
At the core of this legislation is the principle that a Central Bank Digital Currency, unlike decentralized cryptocurrencies like Bitcoin, would give the federal government unprecedented powers to monitor and control individual financial transactions.
“The administration has made it clear: President Biden is willing to compromise the American people’s right to financial privacy for a surveillance-style CBDC. That’s why I’m reintroducing my landmark legislation to put a check on unelected bureaucrats and ensure the United States’ digital currency policy upholds our values of privacy, individual sovereignty, and free-market competitiveness,” Whip Emmer said in a statement.
“If not designed to be open, permissionless, and private – emulating cash – a government-issued CBDC is nothing more than a CCP-style surveillance tool that would be used to undermine the American way of life,” Emmer added.
The CBDC Anti-Surveillance State Act aims to:
- Prohibit the Federal Reserve from issuing a CBDC directly to individuals, ensuring the Fed cannot mobilize itself into a retail bank able to collect personal financial data on Americans.
- Prohibit the Fed from indirectly issuing a CBDC to individuals through an intermediary, preventing the Fed from launching a retail CBDC through our two-tier financial system.
- Prohibit the Fed from using any CBDC to implement monetary policy, ensuring the Federal Reserve cannot use a CBDC as a tool to control the American economy. The legislation protects innovation and any future development of digital cash.