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- 1 In an interview with Bloomberg Television, Vivek Ramaswamy shared a glimpse of his conversation with Trump about the introduction and implementation of CBDC in the USA.
- 2 Donald Trump has also given credit to Ramaswamy for making him aware of the threats and vulnerabilities of CBDC in the US financial system.
- 3 He further shared some of the risks and vulnerabilities that can be imposed with the introduction of digital currencies in the USA.
Vivek Ramaswamy has backed out of his US presidential candidacy for the upcoming elections. He recently appeared in a television interview with Bloomberg, discussing and explaining his influence on Donald Trump’s views against Central Bank Digital Currencies (CBDC) in the US.
Influence of Vivek Ramaswamy on Trump’s Stance on CBDC
In the television interview, he claimed that he influenced Trump’s views on creating digital dollars or central bank digital currencies.
Donald Trump initially made his views clear on the disapproval of CBDC during his speech at an election campaign in Portsmouth, New Hampshire, on January 17. There, he said that if he is elected as the next president of the USA, he will not approve the creation of CBDC in the country.
Ramaswamy said that he discussed with Trump sharing his concerns about CBDC with Trump, which influenced his views on the introduction of the digital dollar. He further appreciated Trump for being intellectually open and listening to his advice.
His advice turned the former president completely and strongly in favor of what he believed was right. And led to Trump’s statement opposing the creation of CBDC in the USA.
Recently, this week, Trump praised Ramaswamy and gave him credit for teaching him about the dangers related to the introduction of a digital dollar by the Federal Reserve. Donald Trump stated, “Vivek is great, he’s really great. He wanted this, and I’ll give him full credit for it,” in Laconia, New Hampshire.
Threats Surrounding CBDC
Ramaswamy stated that a CBDC is a threat to liberty in the USA. He supported his statement in the interview by mentioning that the CBDC mechanism will enable the government to be able to wipe out users’ bank accounts without their knowledge or dollars could also be wiped out if a user does something that the government disapproves of.
Trump has restated Ramaswamy’s views previously. Donald Trump said that the digital dollar would be a dangerous threat to the freedom of citizens as it would empower the federal government with absolute control over people’s money. The government will be able to take the individual’s money without their knowledge.
Moreover, a sense of safety and security is the most important feature that attracts people’s attention towards Bitcoin and other cryptocurrencies. Some of the investors strongly believe that traditional assets and other assets that are managed by the state government can be seized at any time.
Privacy concerns are another issue surrounding the creation of CBDC. Users of the financial system believe that with the introduction of CBDC, their data will be accessible to governments and central banks through platforms of digital currency. The same issue was observed in countries like England, which had introduced digital currencies earlier.
Furthermore, Ramaswamy utilized the opportunity to share his views on the regulatory entities established in the USA. He said that the SEC is among the top US agencies and boards that have been found guilty of introducing any regulation with an enforcement agenda. He considers CBDC as one such agenda that has been responsible for the regulatory decisions based on who they enforce against them.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
