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Trump's disdain for digital dollar risks 'Cold War era' in money
By María Paula Mijares Torres
Bloomberg News
Friday, July 19, 2024
Central bank digital currencies were once looked upon as nothing short of the future of money around the world. Yet at least in the United States, that sunny outlook for CBDCs is in serious doubt for one simple reason: Donald Trump and his Republican allies hate them.
Along with Trump's newfound support for cryptocurrencies comes a disdain for the idea of creating a digital dollar, a sentiment prominent among executives in the industry who rage against CBDCs as dangerous surveillance tools of the state because their usage can be tracked by authorities.
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Of course digital forms of fiat currencies also present major competition for the crypto industry since they undermine major uses for crypto by allowing for the elimination of financial intermediaries and faster, simpler transmission of money.
Yet Trump's vow to never allow the dollar to be digitized carries significance far beyond the crypto world: It may turn money into a new front in the former president's trade war with China, which has emerged as a leader in the nascent world of CBDCs. ...
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