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

This position was detailed in a recent report from the party’s 2024 convention platform committee session, which 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 abolishing the Federal Reserve Bank, suggesting that the power to issue currency should be returned to the people and backed by gold, silver, or other valuable assets. 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 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, noted that this move underscores the party’s commitment to safeguarding the right to use Bitcoin and opposing a CBDC.

CBDCs are digital versions of government-issued currency designed to make fiat transactions faster than traditional banking. These currencies are gaining global interest, with a recent Bank for International Settlements (BIS) survey indicating that 94% of central banks are exploring the idea.

In the U.S., opinions on CBDCs are divided along partisan lines. Democratic figures like Senator Elizabeth Warren support CBDCs for their potential to address banking sector issues. In contrast, Republicans such as Senator Ted Cruz and Donald Trump are firmly against them. Trump, during his re-election campaign, has called CBDCs potential tools for government control over individual finances.

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