The Republican frontrunner also pledges to restrict regulators from trying to de-bank citizens over politics.
Former President Donald Trump promised on Jan. 17 to “never allow” the Federal Reserve to create a central bank digital currency (CBDC), also known as a digital dollar.
During a campaign stop in New Hampshire and joined on stage by former Republican candidate Vivek Ramaswamy, President Trump vowed never to give the U.S. government “absolute control over your money,” calling it a “dangerous threat to freedom.”
“As your president, I will never allow the creation of a central bank digital currency. Such a currency would give the federal government absolute control of your money,” he told a raucous crowd. “This would be a dangerous threat to freedom—and I will stop it from coming to America.”
Coming off his decisive victory in Iowa, President Trump pledged to install “strong protections” to prevent banks and financial regulators from trying to de-bank “you for your political beliefs.”
“That will never happen while I am your president,” the real estate billionaire mogul said.
There had been some speculation that Mr. Ramaswamy influenced President Trump on this issue. The entrepreneur told Fox News host Jesse Watters that the former president had been receptive to many of the topics he discussed, including opposition to a CBDC and pardons of key figures such as Julian Assange.
“I’m not a politician. I’m a businessman,” Mr. Ramaswamy said on Jan. 17. “But I’m also somebody who cares about the details of policy and commitments. We had some great conversations backstage about that.”
Mr. Ramaswamy, who ended his campaign after finishing fourth in the Iowa caucus, has described CBDCs in the past as “a grave threat to liberty in this country.”
Republican Opposition to CBDCs
Many Republicans, including Florida Gov. Ron DeSantis, have been vocal in their opposition to digitizing the U.S. dollar.
At a CNN Republican debate in 2023, Mr. DeSantis discussed the topic and accused President Joe Biden of wanting to take away people’s privacy.
“They will absolutely regulate your purchases,” he stated. “On day one as president, we take the idea of a central bank digital currency and we throw it in the trash can. It will be dead on arrival.”
By Andrew Moran
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