Joe Biden’s digital dollar project, launched in March 2022, does not seem to win the support of former US President Donald Trump. A reluctance which is partly explained by its position on financial sovereignty.
Just like Europe, the Biden administration is also looking into the possible creation of the development of a national digital asset. Unsurprising; this approach is mainly based on the desire to adapt financial systems to the digital age and the need not to be left behind by cryptocurrencies. This digital dollar does not yet exist, but Donald Trump is already firmly opposed to it.
Cryptocurrencies and political skepticism
Donald Trump has already entered the cryptocurrency arena, since in August 2023, a token officially linked to it was created. Even if he is not the creator, Donald Trump would own the equivalent of 1.1 million dollars. A fact which therefore confirms that the ex-president is not fundamentally against virtual assets. Baptized Maga (for Make America Great Again), this crytpo is doing very well. Indeed, she has just experienced a clear rebound this week, of the order of 22%, which could be attributed to her victory in the Republican primary in New Hampshire.
On the other hand, Trump does not hold the digital dollar project in his heart. Perceived rather as a threat to individual financial sovereignty, there would be very little chance of it existing if Trump returns to power one day. His opposition to this project is not isolated. The digital dollar had been called “ woke » by Ron de Santis, member of the Republican Party and former elected official from Florida’s 6th congressional district. Vivek Ramaswamy, former candidate in the 2024 Republican primaries, shares more or less the same opinion regarding this virtual currency.
Financial sovereignty and government control
According to Trump’s statements, his aversion to this project is mainly based on the fear that the American government holds: “ the ability to take your money, and you wouldn’t even know it was gone “. Words which highlight the doubts that the candidate harbors regarding the capacity of centralized financial institutions to remain independent of political powers.
Even if cryptocurrencies are based on blockchain, and are therefore, by nature, verifiable and resistant to any attempt at falsification or alteration, this does not seem to convince Trump of the merits of the digital dollar. The latter must also keep in mind that a good part of his electorate feels very concerned by the issues inherent to individual freedom and government control. Its positioning vis-à-vis currency, an elementary symbol of economic autonomy, is one of the elements of its political strategy.
The Republican candidate’s opposition perfectly illustrates the complex nature of the issues surrounding the digitalization of a currency. If this can be a real response to the rise of cryptocurrencies, fears regarding sovereignty and confidentiality still remain strong.
Source : Future Sciences
26