The Idaho Republican Party has taken a firm stance against the introduction of a Central Bank Digital Currency (CBDC) in the United States, advocating instead for decentralized digital currencies like Bitcoin.

This position was articulated in a recent report from the party’s 2024 convention platform committee session, where it 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."

Additionally, the proposal put forth by the committee advocated for abolishing the Federal Reserve Bank, proposing that the authority to issue currency should be returned to the people and supported by assets like gold, silver, or other valuable commodities. The statement emphasized:

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

Dennis Porter, CEO of Satoshi Act Fund, highlighted that this declaration underscores the party's commitment to preserving the use of Bitcoin and resisting the implementation of a CBDC.

Central Bank Digital Currencies are digital forms of government-issued money designed to streamline fiat transactions compared to traditional banking methods. Globally, there is growing interest in CBDCs, with a recent survey by the Bank for International Settlements (BIS) indicating that 94% of central banks are exploring their potential.

In the United States, attitudes towards CBDCs vary across political lines. Democratic figures such as Senator Elizabeth Warren support CBDCs for their potential to address issues within the banking sector. Conversely, Republicans like Senator Ted Cruz and former President Donald Trump staunchly oppose CBDCs. During his re-election campaign, Trump characterized CBDCs as potential tools for governmental control over individual finances.

The Federal Reserve has approached the idea of CBDCs cautiously, stating on its website that no decision has been made and any progress would require legal authorization.