There Won’t be a CBDC if I am Elected President – Donald Trump
Former U.S. President Donald Trump, in a recent address in New Hampshire, staunchly opposed the introduction of a Central Bank Digital Currency (CBDC) if re-elected.
He expressed concerns about potential government control over individuals’ finances, pledging to prevent the creation of a CBDC during his presidency.
President Trump promises to nix plans for a central bank digital currency during speech in Portsmouth, New Hampshire
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The U.S. remains divided along political lines on CBDCs, with Democrats like Sen. Elizabeth Warren supporting them and Republicans like Sen. Ted Cruz opposing the idea.
The Federal Reserve, represented by Governor Michelle Bowman, remains cautious, citing risks and privacy concerns.
Despite this, the global landscape is witnessing active exploration of CBDCs, with over 100 countries, including the U.K., China, Nigeria, and Russia, delving into their development.
Morgan Stanley adds a note of caution, emphasizing potential impacts on the global economic landscape, especially the enduring dominance of the U.S. dollar.
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The financial institution suggests that CBDCs could streamline cross-border transactions, potentially reducing reliance on traditional intermediaries like SWIFT.
This evolution could reshape dependence on dominant currencies, with implications for the established role of the U.S. dollar in the international financial system.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
