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CBDC developments fuel debate as well as political rhetoric

Most central banks are working on developing some form of sovereign digital currency. But are they paying attention to the right things?

by Liz Lumley

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CBDC developments fuel debate as well as political rhetoric

Image: Getty Images

At the start of the year, former US President Donald Trump announced that if he were re-elected, he would “never allow the creation of a central bank digital currency”. This campaign promise was made to “protect Americans from government tyranny”, according to the 45th president.

While various public statements made by the presumptive Republican nominee for this year’s presidential election in the US have been attracting ridicule, Trump’s CBDC promise is in line with global thinking, specifically for those who align themselves with libertarian politics.

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Liz Lumley

Liz Lumley is deputy editor at The Banker. She is a global specialist commentator on global financial technology or “fintech”. She has spent 30 years working in the financial technology space, most recently as director at VC Innovations and architect of the Fintech Talents Festival, managing director at Startupbootcamp FinTech London and an editor at financial services and technology newswire, Finextra. She was named Journalist of the Year for Technology and Digital Finance at State Street’s UK Press Awards for 2022.