- U.S. presidential candidate Robert F. Kennedy Jr. expresses strong opposition to CBDC development.
- Kennedy argues that CBDCs pose a risk to civil liberties, citing the potential for government monitoring and control.
Championing Financial Freedom and Privacy
U.S. presidential candidate Robert F. Kennedy Jr. has taken a resolute stance against the development of Central Bank Digital Currencies (CBDCs). Kennedy, a prominent figure in the presidential race, recently shared a one-minute video discussing the implications of CBDCs with Dr. Joseph Mercola.
— Robert F. Kennedy Jr (@RobertKennedyJr) January 24, 2024
In the video, Kennedy emphasized his commitment to preserving financial freedom in the 21st century. He pledged that if elected as president, he would put an end to efforts aimed at introducing a CBDC in the United States. His reasoning behind this opposition stems from concerns about the potential risks associated with CBDCs, particularly related to civil liberties.
CBDCs: A Perceived Threat to Civil Liberties
Kennedy expressed his apprehensions about CBDCs, highlighting the risk of extensive government surveillance of citizens’ financial transactions. In his view, the introduction of a CBDC could provide the government with the means to monitor every transaction made by an individual, potentially leading to instances of blackmail or undue pressure.
He went further, characterizing the idea of a CBDC as a
“calamity for human rights and for civil rights.”
To illustrate his point, Kennedy pointed to China’s digital yuan, which is tied to an extensive social credit system. He warned that a similar system in the United States could grant the government unprecedented control over personal finances, even going as far as enabling the government to restrict access to funds—a concern previously highlighted in a 2023 Chainalysis report.
Championing Cryptocurrencies for Financial Freedom
Kennedy’s opposition to CBDCs aligns with his commitment to protecting financial freedom. He emphasized the role of cryptocurrencies like Bitcoin in safeguarding transactions and privacy. In fact, Kennedy previously declared his intent to end what he referred to as the “White House war on bitcoin” if he were to become president. His goal would be to ensure the protection and promotion of cryptocurrency transactions.
Former U.S. President Donald Trump shares Kennedy’s sentiments regarding CBDCs, also expressing strong opposition to their introduction. Trump pledged to prevent the creation of a CBDC in the United States, considering it a
“dangerous threat to freedom.”
The debate surrounding CBDCs and digital currencies has emerged as a significant political issue, with several key figures in American politics taking a stance against their implementation. Representative Tom Emmer (R-MN) has shown support for Trump’s position and expressed willingness to collaborate on preventing the Federal Reserve from pursuing CBDC development. However, the Federal Reserve remains cautious about the timeline for a digital dollar, indicating that implementation may still be years away.