Former U.S. President Donald Trump held a rally in the state of New Hampshire on Wednesday. Among various promises Trump made was the creation of a U.S. central bank digital currency (CBDC). The former president said:

Tonight I’m also making another promise to protect Americans from government tyranny. As your president, I will never allow the creation of a central bank digital currency.

“You know what they’re doing. Such a currency would give a federal government — our federal government — absolute control over your money. They could take your money. You wouldn’t even know it’s gone. This would be a dangerous threat to freedom, and I will stop it from coming to America,” Trump exclaimed.

Many lawmakers share Trump’s skepticism of central bank digital currencies, including Rep. Tom Emmer (R-MN). The congressman has introduced the CBDC Anti-Surveillance State Act, which now boasts 75 co-sponsors. The bill prohibits the Federal Reserve from using CBDCs for monetary policy or offering services directly to individuals.

Several Fed officials and lawmakers question the need for a CBDC. Fed Governor Michelle Bowman, for example, said in October last year: “I have yet to see a compelling argument that a U.S. CBDC could solve any of these problems more effectively or efficiently than alternatives, or with fewer downside risks for consumers and for the economy.”

While the Federal Reserve has started exploring the implications of a digital dollar in the U.S., they haven’t committed to actually creating one. In September last year, Fed Chair Jerome Powell clarified: “We have not decided to proceed [with a digital dollar] and we don’t see ourselves making that decision for some time … We see this as a process of at least a couple of years where we are doing work and building public confidence in our analysis and in our ultimate conclusion.”

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