Idaho Republicans oppose central bank digital currency, advocate for Bitcoin

The Republican Party of Idaho has vehemently opposed the creation of a Central Bank Digital Currency (CBDC) in the United States, advocating instead for using decentralized digital currencies like Bitcoin.

This stance was outlined in a recent report from the party’s 2024 convention platform committee session. The report stated:

“We oppose the creation of a Central Bank Digital Currency, the regulation and/or excessive taxation of decentralized digital currencies such as Bitcoin, and we affirm the right of individuals to engage in commerce and exchange with cash, barter, precious metals, and decentralized digital currencies.”

The proposal also supported the abolishment of the Federal Reserve Bank, arguing that “the issuing power [should be] restored to the people with the stipulation that the US dollar be backed by gold, and silver, or other stores of value.” It added:

“We believe Idahoans need to protect their savings from the ravages of inflation, which is hidden taxation, and encourage citizens to participate in a systematic acquisition of precious metals or other
assets which represent real value as opposed to fiat currencies.”

Dennis Porter, CEO of Satoshi Act Fund, remarked that this move signifies the party’s commitment to protecting the right to use Bitcoin and opposing a CBDC.

CBDCs are blockchain-based versions of government-issued currency designed to expedite fiat currency transactions compared to traditional banking infrastructure. These currencies have gained traction worldwide, with a recent Bank for International Settlements (BIS) survey revealing that  94% of central banks worldwide are exploring the initiative.

However, opinions on this kind of currency vary along partisan lines in the US, with Democratic figures, such as Senator Elizabeth Warren, supporting CBDCs because they could address issues within the banking sector.

Conversely, Republican stakeholders like Senator Ted Cruz and Donald Trump have strongly opposed a CBDC. During his ongoing re-election campaign, Trump has labeled the currency as a potential tool for government tyranny and a means for the government to exert complete control over individuals’ finances.

Meanwhile, the Federal Reserve has also expressed skepticism about introducing a CBDC. The financial regulator’s website states that no decision has been made on issuing a CBDC and that it would only proceed with authorization by law.

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