At a crowded event in Portsmouth, former President Donald J. Trump delivered an impassioned speech outlining his strong opposition to the creation of a Central Bank Digital Currency (CBDC) in the United States.
Trump is adamantly against the establishment of a national currency, citing worries about invasion of privacy and governmental power.
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“Tonight, I am also making another promise to protect Americans from government tyranny,” Trump exclaimed, speaking to a sea of admirers.
“As your president, I will never allow the creation of a central bank digital currency.”
As nations and international financial organizations debate the potential introduction of CBDCs, Trump chimes in with his thoughts.
“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.”
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The hazards associated with CBDCs—increased monitoring and diminished financial independence—are often brought up by critics. These worries are heightened by Trump’s resistance to the creation of a CBDC, which puts him at the center of the debate over digital money and personal freedom.
A U.S. central bank digital currency was being actively considered by the Federal Reserve, according to Federal Reserve Chair Jerome Powell, who made this announcement in 2022 amid skyrocketing inflation and market turbulence.
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“Rapid changes are taking place in the global monetary system that may affect the international role of the dollar,” Powell said.
A recent meeting of global elites focused on the implementation of digital currencies under central bank supervision. They have the ability to control your lifestyle choices, including what you eat, say, and do, thanks to technology. Their conviction that they are more qualified to make these decisions for you stems from their superiority complex.
According to Activist Post, “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.”
A worldwide Central Bank Digital Currency (CBDC) platform is the ambitious aim that the International Monetary Fund (IMF) has revealed for 2023.
“If we are to be successful, CBDCs could not be fragmented national propositions,” said Kristalina Georgieva, managing director of the IMF
“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.
House Majority Whip Tom Emmer (MN-06) launched the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act, firmly opposing the Biden regime’s invasion of Americans’ financial privacy.
A sizable number of the bill’s initial 50 Republican co-sponsors have endorsed Emmer, underscoring conservative concerns about the possible consequences of a state-sponsored digital currency.
By creating a Central Bank Digital Currency to set it apart from decentralized cryptocurrencies like Bitcoin, the bill seeks to give the federal government unparalleled authority over individual financial activities.
“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, stated Whip Emmer in a release.
“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 purpose of the CBDC Anti-Surveillance State Act is 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.
