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Presidential candidate Kennedy warns against CBDCs, labels them a threat to civil liberties

presidential-candidate-kennedy-warns-against-cbdcs-labels-them-a-threat-to-civil-liberties
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Presidential candidate Kennedy warns against CBDCs, labels them a threat to civil liberties

After Donald Trump, U.S. presidential candidate Robert F. Kennedy Jr has expressed his firm stance against CBDCs.

Robert F. Kennedy Jr., a prominent figure in the U.S. presidential race, has expressed strong opposition to the development of a central bank digital currency (CBDC) in the US. In a one-minute video posted on X, Kennedy, following his discussion with Dr. Joseph Mercola, emphasized the risks associated with a CBDC.

He claimed that such a currency would enable the government to monitor every transaction a citizen makes, leading to potential blackmail or pressure. Kennedy explicitly described a CBDC as “a calamity for human rights and for civil rights.”

He specifically highlighted the example of China, where the local CBDC, the digital yuan, is tied to an extensive social credit system. Kennedy warned that such a system in the U.S. could lead to governmental control over personal finances and the ability to “shut off” individual access to funds, a concern previously raised in a 2023 Chainalysis report.

Kennedy, who has considered a run as a Libertarian Party candidate after leaving the Democratic Party in October 2023, has vowed to end efforts towards a U.S. CBDC if elected. He underscored the importance of Bitcoin and other cryptocurrencies in protecting financial freedom, contrasting them with the perceived threats of a CBDC. He stated in October that his presidency would mark the end of the “White House war on bitcoin,” ensuring that transactions are protected and encouraged.

Former U.S. President Donald Trump, echoing Kennedy’s stance, has also voiced opposition to a CBDC.

Trump, who previously made negative comments about Bitcoin during his presidency, promised to “never allow” the creation of a CBDC in the U.S., citing it as a “dangerous threat to freedom.” He acknowledged the influence of former Republican candidates Vivek Ramaswamy and Florida Governor Ron DeSantis, both of whom are pro-crypto and anti-CBDC and who endorsed Trump following their withdrawal from the presidential race.

This debate on CBDCs and digital currencies has become a significant political issue. Rep. Tom Emmer (R-MN) has also expressed his support for Trump’s stance, looking forward to collaborating with him to prevent the Federal Reserve from creating a CBDC.

Despite these political discussions, the Federal Reserve remains cautious. Fed Chair Jerome Powell, in a statement last September, indicated that a decision on a digital dollar is still far off, with no implementation expected for at least a few years.