Earlier this week, presidential candidate Donald Trump made negative comments about central bank digital currencies (CBDCs) during a campaign speech in the state of New Hampshire. These are cryptocurrencies issued by central banks. As president, Trump promised never to approve an American CBDC. Trump is now receiving support from American politics for this promise.
I agree with President Trump; CBDCs pose a serious threat to Americans’ right to financial privacy.
I look forward to working with him as we continue the fight against the growing federal surveillance state.
— Tom Emmer (@GOPMajorityWhip) January 19, 2024
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Government and Regulation
Well-known Republican supports Trump
The support comes from Republican Tom Emmer. The politician and also congressman is no stranger to crypto land and has been a strong supporter of the crypto sector for some time now. On Friday, Emmer expressed his support for Trump's statement via X. He hints that he wants to work with the former president on privacy-related issues such as CBDCs.
“I agree with President Trump; CBDCs pose a serious threat to Americans’ right to financial privacy. I look forward to working with him in the fight against the ever-expanding government surveillance state.”
Says Emmer, who is apparently a little ahead of the facts and is already calling Trump president. The reason for the duo's concerns about CBDCs is the potential financial powers it would give to the issuer of such a digital currency. Emmer previously introduced an anti-CBDC bill: “the CBDC Anti-Surveillance State Act.”
“Republicans in Congress strongly oppose a surveillance-style CBDC. My bill, the CBDC Anti-Surveillance State Act, has 75 cosponsors and support is growing.”
Republicans in Congress have fought against the introduction of a surveillance-style CBDC.
My bill, the CBDC Anti-Surveillance State Act, has 75 co-sponsors and we continue to build support.
— Tom Emmer (@GOPMajorityWhip) January 19, 2024
Crypto plays a role in US elections
With Trump's promise mentioned above, the topic of CBDCs and crypto in general is becoming an increasingly important issue in the presidential race. Although concerns about a CBDC are high in American politics, the Federal Reserve has not yet announced any concrete plans to launch a CBDC.
Other countries have already introduced a CBDC. The two most prominent examples of this are China and Nigeria. However, the implementation of these CBDCs is not yet running smoothly.
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