Trump Pledges to Prevent US Central Bank Digital Currency

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The president had previously raised concerns about central bank digital currencies negatively affecting freedoms of Americans.

A central bank digital currency (CBDC) will not be allowed in the United States, President Donald Trump said at a White House event on July 18, promising to take legislative action to prevent such a situation.

โ€œI also remain fully committed to my pledge, never to allow the creation of a central bank digital currency in America,โ€ Trump said. โ€œMy first week in office, I signed an executive order to ban the creation of a CBDC in the United States. And very soon, I look forward to signing legislation that will codify and make it a permanent law.โ€

Trumpโ€™s comments came amid the signing of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law.

During a campaign event in January last year, Trump had said that once he became president, โ€œI will never allow the creation of a central bank digital currency. Such a currency would give the federal government absolute control of your money,โ€ which would be โ€œa dangerous threat to freedom.โ€

On Jan. 23 this year, the first week after becoming president, Trump signed the executive order banning CBDCs.

โ€œAgencies are hereby prohibited from undertaking any action to establish, issue, or promote CBDCs within the jurisdiction of the United States or abroad,โ€ the order said.

Globally, various nations are at different stages when it comes to their approach towards CBDCs and introducing such currencies into their economy.

According to a July update from the Central Bank Digital Currency Tracker from the Atlantic Council, of the 137 countries or currency unions tracked by the group, three have already launched a CBDCโ€”Nigeria, Jamaica, and the Bahamas.

Moreover, 49 nations or currency unions are piloting CBDCs, 36 are researching such a currency, and 20 are engaged in the development of such a currency.

In addition, 21 are in an inactive status, while two have canceled launching a central bank digital currency, according to the analysis.

By Naveen Athrappully

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