- Former President Trump and Congressman Emmer have united to oppose central bank digital currencies (CBDCs) over privacy concerns.
- Trump warned CBDCs could enable greater government surveillance of citizens’ finances and transactions. Emmer echoed these concerns about expanded government surveillance.
- The opposition highlights growing bipartisan unease with CBDCs among some policymakers. But CBDC interest is rising globally, so policymakers must balance innovation and privacy.
Former President Donald Trump and Representative Tom Emmer have joined forces to oppose central bank digital currencies (CBDCs) over concerns about privacy and government overreach. Their alliance underscores growing unease with CBDCs among some policymakers and highlights key debates around the future of money.
Trump Sounds Alarm on CBDCs
During a recent campaign speech, Trump pledged to stop the Federal Reserve from issuing a digital dollar if re-elected president. He argued CBDCs could enable greater government surveillance of citizens’ finances and transactions. Trump has previously criticized Bitcoin, but said he wants “the currency of this country to be the currency of this country.”
Emmer Echoes Trump’s Warning
Representative Tom Emmer, a leading Congressional voice on cryptocurrency policy, echoed Trump’s warnings about CBDCs on social media. Emmer said he shares concerns about CBDCs expanding government surveillance. He touted his proposed legislation to ban certain types of CBDCs that could threaten civil liberties and financial privacy.
The Growing Debate Around CBDCs
The opposition from Trump and Emmer comes amid rising global interest in CBDCs from major central banks. Supporters argue CBDCs could enable more efficient payments and monetary policy. But critics have raised concerns about risks ranging from financial exclusion to government overreach. The debate is increasingly political, with CBDCs proving divisive even within parties.
The alliance between Trump and Emmer highlights growing bipartisan concerns with some CBDC proposals. As more countries advance CBDC projects, policymakers will need to balance innovation with privacy. How this debate unfolds could profoundly shape the future of money and payments.