Former U.S. President and front-runner in the Republican leadership race, Donald Trump, has promised to ban the creation of a central bank digital currency (CBDC) during a campaign stop in New Hampshire.
„As your president, I will never allow the creation of a central bank digital currency,” Trump said on stage, according to coindesk.com
He continued: „Such a currency would give a federal government, our federal government, absolute control over your money. They could take your money, and you wouldn’t even know it was gone. This would be a dangerous threat to freedom, and I will stop it from coming to America.”
Trump’s rival for the Republican nomination has previously taken a similar stand, insisting: “If I am the president, on day one, we will nix central bank digital currency. Done. Dead. Not happening in this country.”
In the CBDC tracker, the United States is represented by Project Hamilton, now classified under the Proof-of-Concept status.
The Federal Reserve Bank (Fed) of Boston and the Massachusetts Institute of Technology (MIT) announced on December 22 that Project Hamilton, a two-year project that created a platform for a hypothetical digital currency (CBDC) issued by the U.S. central bank, was over.
Project Hamilton specifically focussed on experimenting with a retail CBDC. A retail digital currency would have involved electronic banking tokens which The Fed would have issued directly to consumers. The project looked into how digital currency could be used to pay for goods and services in lieu of fiat currency or existing online banking services.
The closing of this project reaffirms the view that The Fed, in Boston at least, is not keen on CBDC.
In contrast, The Fed of New York is currently looking into a wholesale CBDC, according to SuperVest. The crucial difference here is that their digital currency is offered by financial institutions instead of directly by the Fed. New York is pushing forward with digital currency experimentation and is currently testing a blockchain-based multi-asset payment system.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: