The Republican Party of Idaho has strongly opposed the establishment of a Central Bank Digital Currency (CBDC) in the U.S., advocating for the use of decentralized digital currencies like Bitcoin instead.

This position was detailed in a 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 called for the abolition of the Federal Reserve Bank, arguing that the power to issue currency should return to the people, with the U.S. dollar backed by gold, 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, noted that this move reflects 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 globally, with a Bank for International Settlements (BIS) survey revealing that 94% of central banks worldwide are exploring the initiative.

However, opinions on this currency differ along partisan lines in the U.S. Democratic figures like Senator Elizabeth Warren support CBDCs for addressing issues within the banking sector. Conversely, Republican figures like Senator Ted Cruz and Donald Trump strongly oppose CBDCs. Trump, during his re-election campaign, has called CBDCs a potential tool for government control over individual finances.

The Federal Reserve has also shown skepticism about introducing a CBDC, stating on its website that no decision has been made on issuing a CBDC and that it would only proceed with legal authorization.