Former President Donald Trump vowed to put a block on any attempts any the Federal Reserve to develop a digital currency if he returns to the White House.
“Tonight, I’m also making another promise to protect Americans from government tyranny,” Trump said at a rally in New Hampshire.
“As your president, I will never allow the creation of a Central Bank Digital Currency,” Trump added.
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President Trump in New Hampshire: "Tonight, I'm 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/sLbmwy12Dl
— MAGA War Room (@MAGAIncWarRoom) January 18, 2024
A Central Bank Digital Currency (CBDC) is a form of cryptocurrency, but it’s centralized and controlled by the Federal Reserve.
The creation of CBDCs poses massive risks to freedom, as many Republicans such as Ted Cruz and GOP Gov. Ron DeSantis have warned.
“A federally controlled Central Bank Digital Currency is the most recent way the Davos elites are attempting to backdoor woke ideology like Environmental, Social, and Governance (ESG) into the United States financial system, threatening individual privacy and economic freedom,” DeSantis’s office stated in March 2023.
“The Biden administration’s efforts to inject a Centralized Bank Digital Currency is about surveillance and control.”
As The Daily Fetched reported in November last year, ten banks in the United States are working with the New York Innovation Center (NYIC), part of the Federal Reserve, to test the regulated liability Network (RLN). This digital currency platform will replace cash.
In the same month, IMF Managing Director Kristalina Georgieva said the government is preparing to deploy Central bank digital currencies (CBDCs) to replace cash, arguing it can increase so-called “financial inclusion.”
“CBDCs can replace cash, which is costly to distribute in island economies. They can offer resilience in more advanced economies,” she said at the Singapore FinTech Festival on Wednesday.
“And they can improve financial inclusion where few hold bank accounts.”
In March, Sen. Ted Cruz (R-Texas) introduced a new bill on Tuesday preventing the Federal Reserve from central bank digital currency.
The legislation (S.887), co-sponsored by Sens. Mike Braun (R-Ind.) and Chuck Grassley (R-Iowa), argues that CBDC would eventually be used as a government surveillance system.
“The federal government has no authority to unilaterally establish a central bank currency,” Cruz said.
Cruz noted that the bill “goes a long way in making sure big government doesn’t attempt to centralize or control cryptocurrency and allows it to thrive in the United States. We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom — not stifling it.”
Rich Dad Poor Dad author Robert Kiyosaki recently issued a stark warning against CBDCs, arguing it would open the doors for unprecedented surveillance of Americans and the world.
“By tracking every financial transaction, they will have access to every detail of our spending, the recipient of our money, and how we allocate our resources,” said Kiyosaki.
WATCH: Joe Rogan Blasts Digital Currency, CBDCs: ‘Checkmate. That’s Game Over’
