Donald Trump Believes CBDCs Won't Be Welcome in the US
Former US President Donald Trump has announced his candidacy in the 2024 presidential elections. Trump talked about Central Bank Digital Currencies (CBDCs) in a speech during his election campaign.
Trump said CBDCs would not be welcome in the US and pose a threat to freedom. Trump stated that if he becomes US President, he will stop CBDC studies.
Trump's criticism of CBDCs draws attention as other presidential candidates in the USA also express similar views. Florida Governor Ron DeSantis and U.S. Representative Robert F. Kennedy Jr. has also opposed CBDCs.
Countries around the world have accelerated their CBDC efforts. Countries such as Russia, Brazil, Switzerland and the European Central Bank (ECB) are working to develop CBDCs.
However, public support for CBDCs does not appear to be the same everywhere. According to a public opinion poll conducted in Canada, a majority of Canadians are against CBDCs.
What are CBDCs?
CBDCs are a currency issued by central banks and stored digitally. CBDCs are not designed to replace traditional cash. However, it can also be used as an alternative to cash.
CBDCs are thought to have some advantages over traditional cash. For example, CBDCs may be safer and more efficient. Additionally, CBDCs can provide greater control and transparency for central banks.
However, there are also some concerns regarding CBDCs. For example, CBDCs are thought to threaten financial privacy and lead to centralization.
What Will Be the Future of CBDCs?
Although CBDCs are still in their infancy, they are expected to become widespread in the near future. However, the future of CBDCs will depend on public support and governments' stance on this issue.