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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:
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.
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.
Mysterious “Skyquakes” Are Causing Strange “Booms” in the Sky, and Scientists Have No Explanation
by Michael Snyder
(End of the American Dream)—What is causing the extremely loud “booms” that people are hearing in the sky all over the world? We are being told that “skyquakes” are responsible, but scientists have no idea why these “skyquakes” are occurring. In some cases, the “skyquakes” cause such powerful shaking that…
The Biggest Sale on Long-Term Storage Beef EVER
by Sponsored Post
Let’s cut to the chase. Prepper All-Naturals is offering an unprecedented 40% off for it’s “Beef Steak” survival bags with promo code “steak40”. With a 25-year shelf life and a single ingredient (beef, of course), our most popular product is available for a very limited time with the biggest discount…
Seattle Is Ordered to Stop Blocking Illegal Alien Deportations in the Most Hilarious Court Decision Ever
by PJ Media
A federal court has just pooped in the oatmeal of the West Coast, Messed Coast™governors and local election officials suffering from acute cases of Trump Derangement Syndrome who think they can stop illegal alien deportations. And after this hilarious and thorough legal takedown from the 9th Circuit Court of Appeals,…
Illegal Alien Terror Suspect Found Dead in Cook County Jail Cell
by Slay News
An Islamic illegal alien has been found dead in his jail cell after being arrested on terrorism charges. According to CWBChicago, 22-year-old Sidi Mohamed Abdallahi was found dead at the Cook County jail in Illinois on Saturday. Abdallahi was arrested on felony terrorism and hate crime charges in October. He…
Trump’s Wild Bunch Is Ready for Action
by Frank Miele
If for no other reason than that it will elicit fear in the hearts of autocracy-phobics, I propose that Donald Trump’s second-term Cabinet be known as “The Wild Bunch.” The name is best known as the title of Sam Peckinpah’s classic 1969 western featuring a colorful cast of aging outlaws…
FAA Issues Flight Restrictions Over Questionable Drone Activity Near Trump’s Bedminster Golf Course
by Just The News
The Federal Aviation Administration (FAA) on Tuesday said that it has issued two flight restrictions on the area surrounding President-elect Donald Trump’s Bedminster golf club in New Jersey, following questionable drone activity. The drone sightings were first reported on Nov. 18, but have continued into this week, according to Fox…
Ex-FBI Agent Convicted for Stealing From Jan 6 Defendant During Raid
by Trending Politics
A former Houston-based FBI agent has been convicted of stealing valuables and cash while conducting searches. In one instance, the agent stole cash and silver bars from a non-violent January 6 defendant’s home. Nicholas Anthony Williams, 36, was indicted on January 31 in the Southern District of Texas. Williams, who…
Democrats, Media Elite Urge Biden to Pardon Trump’s Alleged ‘Enemies List’
by Breitbart
President Joe Biden should issue preemptive pardons to his political allies and those deemed to be on President-elect Donald Trump’s alleged “enemies list,” Democrats and their media allies believe. Delivering a preemptive pardon indicates an admission of guilt, although Democrats claim a preemptive pardon would only be intended to block…
Fani Willis Forced to Release All Communications With Jack Smith, J6 Committee
by Trending Politics
The Fulton County Superior Court has ruled against District Attorney Fani Willis, ordering her to disclose communications with Special Counsel Jack Smith and the House January 6 Committee. The decision, announced on Tuesday, follows a lawsuit brought by Judicial Watch, a conservative watchdog group, which accused Willis of violating Georgia’s…
Lindsey Graham Is the Warmongering NeoCon Leading the Charge to Upend Pete Hegseth
by JD Rucker
Pete Hegseth represents a shift away from the wokeness that has infected the United States military. This is possibly the biggest reason President-Elect Donald Trump tapped him to be the next Secretary of Defense and the vast majority of Republicans on Capitol Hill can support this, at least for the…
‘Where Are Black Democrats?’: Charles Payne Tells Personal Story to Call Out ‘Huge Double Standard’ of Biden Family
by Nicole Silverio, DCNF
(DCNF)—Fox Business host Charles Payne called out the alleged “huge double standard” of President Joe Biden’s family Tuesday by revealing that his brother, who struggles with a crack addiction, is currently serving a jail sentence. Payne said his brother, who is getting out of jail on Friday, is likely one…
Zelensky Admits Ukraine Can’t Retake All Its Land: ‘We Must Seek Diplomatic Means’
by Breitbart
Ukrainian President Volodymyr Zelensky conceded in an interview on Tuesday that Ukraine does not have “enough forces” to restore sovereignty over Russian-occupied Crimea and “must seek diplomatic means” to end the Russian invasion and regain its land. The state-run Ukrinform outlet reported that Zelensky described Crimea – which Russia colonized…
Ultra-Processed Foods: How Bad Are They for Your Health?
by Olivia Cook
(Natural News)—Despite the serious health risks associated with eating junk food, they remain the most consumed food products in many countries, particularly developed ones. But a review published in The BMJ, which studied 9.8 million people, warns that eating a lot of ultra-processed foods can increase your risk for 32 diseases. Among these are heart…
“Already Pretty Far Down the Line”: The Container Store Could File for Bankruptcy as Soon as Next Year
by Tyler Durden, Zero Hedge
(Zero Hedge)—As the retail apocalypse that started with Amazon and e-commerce continues, the latest victim is The Container Store. The retail giant could file for bankruptcy as soon as next year, according to the New York Post, who said the retailer is blaming its recent descent on “a weak housing…
Mysterious ‘Car-Sized Drones’ Over New Jersey Prompt FBI Investigation
by Zero Hedge
Several weeks of mysterious drone swarms over the skies of one New Jersey county near the military research and manufacturing facility Picatinny Arsenal have sparked concerns among residents and prompted an FBI investigation. “It’s kind of unsettling,” Mike Walsh, a Morris County resident who has spotted the drones on numerous…
UNESCO’s New Mission: Train Influencers About Combatting Online “Misinformation”
by Reclaim the Net
The UN Educational, Scientific and Cultural Organization (UNESCO) is now incorporating teaching influencers how to “fact check” into its activities. UNESCO claims that influencers have become “primary sources of news and cultural information” around the world – which prompted it to carry out a survey into how these online personalities…
