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(Reclaim The Net)—President Donald Trump has been quite vocal about central bank digital currencies (CBDCs) lately, and today was no exception. In his speech at the Bitcoin 2024 conference in Nashville, he made his stance crystal clear. He said, “There will never be a CBDC while I am president.”
This statement echoes his previous comments on the matter, where he has consistently expressed strong opposition to the idea of a CBDC. He believes that such a currency would give the government too much control over people’s money and could potentially lead to financial tyranny.
Trump’s views on CBDCs seem to be part of a broader narrative that he’s building around protecting individual freedoms and liberties. It’s a message that resonates with many in the cryptocurrency community, who see digital currencies as a way to decentralize power and reduce government control.
Trump has previously called CBDCs a “dangerous threat to freedom.”
Trump’s firm stance underscores the escalating discussions surrounding CBDCs, a significant matter among global governmental bodies. To date, only a few countries have officially adopted such currencies. However, the digital currency landscape continues to evolve, with China advancing the implementation of its digital yuan, India progressing towards a digital rupee, and the European Central Bank initiating a preparatory phase for a potential digital euro.
CBDCs represent a significant evolution in the architecture of money. These digital forms of fiat currency, issued and regulated by a country’s central bank, promise enhanced efficiency in transactions and greater financial inclusion. However, they also pose potential risks to civil liberties that merit careful consideration. Here are some of the primary concerns:
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1. Privacy
CBDCs could fundamentally alter the landscape of financial privacy. Traditional cash transactions allow for anonymity. With CBDCs, even small transactions might be traceable and recordable by the central bank. This could lead to a scenario where governments have access to detailed records of every individual’s financial life, raising significant privacy concerns unless robust safeguards are implemented.
2. Surveillance
The transition to a fully digital currency could potentially give governments unprecedented capabilities to monitor and surveil citizen behaviors. In regimes with weaker protections for civil liberties, this could be exploited to track political dissent or suppress opposition. The potential for surveillance not only impacts privacy but also freedom of expression and association.
3. Financial Censorship
With the centralization of currency issuance and transaction management, a CBDC could make it easier for governments to implement financial sanctions against individuals or groups without due process. Accounts could be frozen or transactions blocked more efficiently, which could be used as a tool for political repression or social control.
4. Exclusion
Despite the potential for greater financial inclusion, the reliance on digital infrastructure might marginalize those without access to technology or reliable internet, such as rural populations or the economically disadvantaged. This could exacerbate existing inequalities and restrict access to essential services for those on the fringes of the digital economy.
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5. Cybersecurity Risks
The concentration of financial data in a central digital system increases the risk of systemic failures due to cyberattacks. A successful attack could compromise the integrity of a nation’s entire financial system. Moreover, the implications of such attacks extend beyond economic damage to potentially crippling impacts on individual financial security and privacy.
6. Centralization of Power
CBDCs concentrate monetary control significantly. This centralization of financial power could reduce the checks and balances provided by a more distributed banking system, increasing the potential for abuse by those in power, particularly in undemocratic regimes.
7. Legal and Ethical Implications
The implementation of CBDCs raises several legal and ethical questions, including the scope of government intervention in personal finances, the rights of individuals under a digital currency system, and the balance between national security and personal freedoms.
Five Reasons to Believe Trump’s Would-Be Assassins Are Deep State Assets
by JD Rucker
Tinfoil hat time. By no means am I going to convince anyone with this short article that Ryan Wesley Routh (or Thomas Michael Crooks, for that matter) is an asset for the Deep State. That is not the intention because to “prove” it would be as impossible as “proving” anything…
Hurricane Forecasts Poised to Be Spectacularly Overstated, Raising Doubt About Climate Science
by Just The News
Penn State celebrity climate scientist Michael Mann announced in April that his research group’s 2024 North Atlantic season forecast was expecting an “unprecedented” 33 named storms, with a range between 27 and 39. That prediction has turned out to be a dud. With Hurricane Francine hitting the coasts Thursday, the…
Another Attack on President Trump Prompted Prepper Surge
by Sponsored Post
The 2nd attempted assassination of Donald Trump has prompted renewed concerns over the nation’s future. Website traffic on Sunday was higher than it’s been in our history. One does not have to be a Republican to realize that chaos may be in store for us soon. At Prepper All-Naturals, we’re…
DJT’s Attempted Assassin Made 19 Donations to Democrats
by Independent Sentinel
The attempted assassin of Donald J. Trump is Ryan Wesley Routh, who has made 19 donations to Democrats. The donations were to Elizabeth Warren, fake Hispanic Beto O’Rourke, Andrew Yang, Tom Steyer, and Tulsi Gabbard. Allegedly, Routh also claimed to have fought in Ukraine in 2022 and supported the war….
Dem Rep. Crockett: MAGA Is a Domestic Threat, Trump Is Stoking Them
by Breitbart
Representative Jasmine Crockett (D-TX) said Sunday on MSNBC’s “Inside” that MAGA is a domestic threat that former President Donald Trump is stoking them. Crockett said, “Springfield is going through hell, but they are going through hell because the guy who says he wants to be the commander-in-chief is actually bringing…
Sunlight and Clouds, Not CO2, Drive Earth’s Climate, New Study Finds
by The Epoch Times
This year’s summer months were characterized by cold outdoor pools that eagerly welcomed guests, concrete that scorched the soles of bare feet, and popsicles that melted in the relentless, blazing heat. In August, the European Commission’s Copernicus report found that the global average temperature had reached record highs in the…
The Man That Just Tried to Assassinate Donald Trump Has Very Alarming Links to Ukraine
by Michael Snyder
(End of the American Dream)—We are starting to learn more about Ryan Routh’s background, and what we have learned may help to explain why he attempted to shoot Donald Trump. It turns out that Routh is a rabid pro-Ukraine activist. In 2022, he actually traveled to Ukraine to fight in the…
Bill Gates Forecasts Another Global Pandemic ‘Likely’ Within Next 25 Years in Ominous Health Warning
by End Times Headlines
War or another global pandemic, Microsoft CEO Bill Gates is cautioning that, if the world manages to avoid the former, the latter is a very real possibility within the next 25 years. “A lot of unrest” in today’s age could spark a major war, he told CNBC’s “Make It.” “If…
US Foreign Policy Should Defy China, Recognize Taiwan as a Country
by The Gateway Pundit
The U.S., as the world’s most powerful country, should have an independent foreign policy. Currently, the U.S. abides by the One-China policy to appease Beijing. The U.S. should no longer allow Beijing to dictate its foreign policy and should recognize the independence of Taiwan, a high-functioning, multi-party democracy whose citizens…
Florida Will Conduct Investigation Into Trump Assassination Attempt: DeSantis
by Jack Phillips
Florida Gov. Ron DeSantis on Sunday announced the state will launch its own investigation into the apparent assassination attempt targeting former President Donald Trump earlier in the day. The FBI has said in a statement it is investigating the matter as an assassination attempt, while law enforcement officials said on…
‘Stop This Reckless Escalation’: Robert F. Kennedy Jr. Tells Biden Not to Authorize Long-Range Missile Attacks on Russian Territory
by The Gateway Pundit
The world is handing on the edge of a major escalation with unpredictable consequences, as Ukraine relentlessly pushes for the US to make decisions that can have unpredictable consequences. All around the world, peace-loving people who can see the danger ahead are cautioning the western NATO powers – notably the…