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Trump and DeSantis oppose US central bank digital currency plans

EditorAhmed Abdulazez Abdulkadir
Published 2024-01-18, 12:14 p/m
Updated 2024-01-18, 12:14 p/m

WASHINGTON - Former President Donald Trump and Florida Governor Ron DeSantis have voiced strong opposition to the potential creation of Central Bank Digital Currencies (CBDCs) in the United States. The two high-profile Republican figures have cited concerns about government overreach and the potential for increased surveillance as key reasons for their stance.

Trump has specifically pledged to combat any efforts to de-bank individuals based on their political views, a position that resonates with a segment of his political base. This commitment aligns closely with Governor DeSantis' viewpoint, who has also made clear his intention to prevent the implementation of a public digital dollar in the United States.

While the concept of CBDCs has been a subject of discussion within the Federal Reserve, no formal proposal for a digital dollar has been put forward. The discussions have instead focused on the potential roles that regulated financial institutions might play, how consumer privacy could be protected, and the legal obligations related to reporting that might arise from such a digital currency.

This shared opposition from Trump and DeSantis comes at a time when the idea of CBDCs is gaining attention globally, with several countries exploring or implementing digital versions of their national currencies.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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