Trump and Kennedy Vow to Block Central Bank Digital Currency

by | Jan 24, 2024

The many opponents of a central bank digital currency (CBDC) coming to America with its attendant threats to liberty will be happy to hear recent comments from independent presidential candidate Robert F. Kennedy, Jr. and leading Republican presidential nomination contender Donald Trump regarding the matter.

On Twitter Wednesday, Kennedy posted a video clip in which he talks about his opposition to the United States having a CBDC. Kennedy explains in the video clip reasons he opposes a CBDC and declares:

As president I’ll end the efforts to move toward a central bank digital currency, and I will do everything I can to maintain the paper cash as legal tender in this country and to make sure that we’re committed to doing that forever.

On Monday, Trump made a similar promise during a campaign speech in Laconia, New Hampshire. Saying he was making the public commitment regarding a CBDC upon urging from Vivek Ramaswami who had recently dropped out of the Republican presidential race and endorsed Trump, Trump declared:

I will never allow the creation of a central bank digital currency.

Those are strong statements by the two candidates that they would as president block the rollout of a CBDC in America.

In contrast, the administration of President Joe Biden, who appears to be the shoo-in for the Democratic presidential nomination, is working on rolling out a CBDC. In this regard, consider the “Fact Sheet: White House Releases First-Ever Comprehensive Framework for Responsible Development of Digital Assets” document dated September 16, 2022 at the White House website. The document declares that a US CBDC “has the potential to offer significant benefits.” Further, the document gives the go-ahead for continuing and expanding actions directed toward implementing a CBDC. The document states:

Recognizing the potential benefits and risks of a U.S. Central Bank Digital Currency (CBDC), the reports encourage the Federal Reserve to continue its ongoing CBDC research, experimentation, and evaluation and call for the creation of a Treasury-led interagency working group to support the Federal Reserve’s efforts.

The Biden administration keeps moving forward on an American CBDC. But, statements by presidential candidates Trump and Kennedy suggest CBDC opponents have reason for hope that the upcoming November election can end that threat.

Author

  • Adam Dick

    Adam worked from 2003 through 2013 as a legislative aide for Rep. Ron Paul. Previously, he was a member of the Wisconsin State Board of Elections, a co-manager of Ed Thompson's 2002 Wisconsin governor campaign, and a lawyer in New York and Connecticut.