Current President Joe Biden has expressed positive sentiments about the creation of a federal digital currency and wishes to explore whether such a system could be implemented in the USA.
However, leading challenger Donald Trump is unforgiving in his criticism and promises to block the creation of what he describes as “a dangerous threat to freedom” and an example of “government tyranny” against citizens.
It was during a meeting in New Hampshire that Donald Trump promised to prevent any attempts to introduce a “digital dollar”.
– 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, he announced.
– Such a currency would give a federal government, our federal government, the absolute control over your money. They could take your money. You wouldn’t even know it was gone. This would be a dangerous threat to freedom, he warned.
According to most opinion polls and betting companies, it is very likely that Donald Trump will become the Republican next presidential candidate and defeat challenger Nikki Haley.
Totalitarian control
The sitting president, Joe Biden, has on several occasions requested new discussions, research, and investigations into whether it is possible and appropriate to introduce a digital currency in the USA, and the American central bank chairman Jerome Powell, along with a working group, will further investigate the issue.
Powell has pointed out that the central bank cannot proceed with the creation of a digital dollar without first being approved by Congress – and many Republican legislators oppose such, partly by referencing that the system could be misused to spy on Americans and control their behavior.
– What are they going to want to do here? If you go and buy too much gasoline, they won’t allow you to use this to make a transaction? Who knows? Maybe they won’t let you purchase a firearm, Governor Ron DeSantis has said, for example, when he introduced a bill aimed at banning the unpopular system in Florida.
The idea of Central Bank Digital Currency, or CBDC for short, has been the subject of harsh criticism from those who believe it enables totalitarian control over the population.
