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• Presidential candidate Donald Trump firmly opposes CBCDs in a recent campaign speech.
• CBDCs remain a controversial subject in the crypto community as BAC spotlights near-term possibilities.
Many US government officials have made clear their position on digital currencies. These officials have collectively pushed back on the presence of the asset in the United States and spotlighted the many dangers of digital currencies. The most recent political figure to uphold this position publicly is Donald Trump, a running Presidential Candidate and former president of the United States.
In his recent campaign speech, Donald Trump detailed his plans for U.S citizens ahead of the upcoming elections. Trump laid down his plans for protecting citizens and reviving the economy. In addition to this, he made a notable remark about central bank digital currencies. The President maintains an opposition towards CBDCs, as he firmly states that he will restrict the creation of these assets if he becomes President.
“Tonight, I am also making another promise to protect Americans from government tyranny. As your president, I will never allow the creation of a Central Bank Digital Currency. Such a currency would give a government – our federal government absolute control over your money.” He asserted.
It bears mentioning that CBDCs have gained traction on a global scale. Countries like the Bahamas, Jamaica, and Nigeria have introduced CBDCs to their citizens, while Brazil, China, India, and the United Kingdom are still eating the digital asset. Despite this being the case for many leading nations, the United States seems to be slower than other countries in embracing these assets.
Bank of America spotlights CBDCs current position in the U.S.
While Bank of America maintains that Central bank digital currencies (CBDCs) can revolutionize the global financial system, naysayers like Trump believe that these digital currencies will do more harm than good for U.S. citizens.
“They could take your money and you wouldn’t even know it’s gone. This would be a dangerous threat to freedom – and I will stop it from coming to America. We are also going to put in place strong protections to stop banks and regulators from trying to DE-BANK you for your political beliefs. That will NEVER happen while I am your president.” Trump added.
In a previous report shared by Bank of America (BAC), it was found that the Central banks that make up an estimated 67% of all countries and 98% of all gross domestic product (GDP) are experimenting with CBDCs
While the Feds are consistently working towards implementing CBDCs, an analysis explains that they will need an executive branch, along with congressional support to validate the issuing of a CBDC.
Meanwhile, Vivek Ramaswamy, another running presidential candidate, has suspended his campaign to cheer on Donald Trump. Notably, Vivek is pro-Bitcoin, and was chosen as Vice President by Donald Trump, digital currencies like Bitcoin might have a place in the U.S.
