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Vivek Ramaswamy Claims to Have Provided Advice to Trump on CBDCs

2 mins
Updated by Kyle Baird
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In Brief

  • Vivek Ramaswamy reaffirms support for Trump, informing him about CBDC risks in the ongoing election.
  • Media misrepresents Trump; CBDCs threaten liberty, enabling government control and erasure of autonomy, says Ramaswamy.
  • Ramaswamy warns that a CBDC empowers the government to restrict United States, in a Bloomberg interview.
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In the ongoing election, Vivek Ramaswamy, a former presidential candidate, has once more expressed his endorsement for Donald Trump. He disclosed that he, alongside others, played a role in advising Trump about the potential risks associated with central bank digital currencies (CBDC).

Ramaswamy says that the media misrepresents Donald Trump while labeling CBDCs as a threat to liberty for the government to hold more control over its citizens. According to him, the CBDC propels us closer to that worrisome direction.

Ramaswamy Throws Support Behind Trump

In a recent Bloomberg interview, Ramaswamy declared that the implementation of a CBDC in the US would unleash the potential for the government to wield enhanced authority, allowing them to impose restrictions on citizens by affecting their bank accounts.

“I believe it is a threat to liberty in this country because it creates a mechanism for the government to be able to wipe out your dollars if you say or do something that the government disapproves of, as you see in places like China.”

He commended Trump for delving into the details of CBDCs and being receptive to advice from himself and others. Additionally, he stated that he participated in Trump’s recent rally, where the “right answer” was given by opposing CBDCs.

Read more: A Comprehensive Guide to India’s CBDC

Moreover, he restated Trump’s favorable position on free speech in the country, asserting that it has been absent in the current administration.

“I also saw him talking about free speech and the value of free speech, something that the Democrats have abandoned which I think will be one of the keys to a landslide election victory.”

Ramaswamy Withdraws from Election Race

On January 23, BeInCrypto reported that Trump said he would “never allow” a CBDC five days ago. The currency, he said, would be a tool of “government tyranny.” 

Meanwhile, Ramaswamy’s stance has been constant for some time. In June 2023, the American Institute for Economic Research cited Ramaswamy saying “hell no” to the introduction of a CBDC within the United States.

Read more: What Is Fiat Currency? How Does It Differ From Cryptocurrency?

However, on January 16, BeInCrypto reported that Ramaswamy would be exiting the election race.

Having secured just 8% of the GOP caucus vote in Iowa, Ramaswamy declared his endorsement for former President Donald Trump, recognizing the necessity for a strong “America First” candidate.

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.