Presidential Candidate Opposes Federal Reserve's Digital Currency Plan

During a speech in New Hampshire, former President Donald Trump vowed to prevent the Federal Reserve from introducing a digital dollar if he were to be elected again. He argued that the implementation of such a currency would pose a threat to Americans' freedoms. Trump's stance stands in contrast to the ongoing discussions within the Federal Reserve about the possibility of creating a fully digital version of the U.S. dollar. Federal Reserve Chair Jerome Powell has emphasized that any decision regarding a central bank digital currency would require approval from Congress and the executive branch. The idea of a digital dollar accessible to the public has sparked controversy, leading figures like Florida Governor Ron DeSantis to oppose its establishment, warning about potential government surveillance. While the specifics of a potential digital currency are yet to be finalized, the Federal Reserve has underscored the importance of protecting consumer privacy. Additionally, the concept of a digital dollar could be limited to interbank transactions to streamline cross-border payments.