Former President Donald Trump announced during a campaign event in Portsmouth that he disagreed with CBDC or Central Bank Digital Currency, which could potentially replace physical cash. He stated that CBDC would give the government complete control over money.
Trump has long been skeptical of cryptocurrencies in general and has previously expressed his opposition to Facebook’s proposed currency, Libra.
The US Central Bank has not shown a particular interest in issuing a digital currency, although there have been some studies conducted. It has been previously confirmed by the Federal Reserve that the issuance of CBDC would require approval from the US Congress.
CBDC is a broad term that encompasses various forms of centralized and decentralized technologies. However, central banks tend to experiment with limited implementation of decentralized models. For example, in Thailand, while the technology used in the experiment allows for peer-to-peer transactions without the need for server connectivity, the Bank of Thailand has conducted the test solely with its own employees.
TLDR: Former President Donald Trump voiced his disagreement with Central Bank Digital Currency (CBDC) and its potential to give complete control over money to the government. He has expressed longstanding skepticism towards cryptocurrencies and previously opposed Facebook’s Libra. The US Central Bank has not expressed a strong interest in issuing a digital currency, and the implementation of CBDC would require approval from the US Congress. CBDC encompasses various technologies, with central banks usually opting for limited usage of decentralized models.
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