CBDC: Robert Kennedy Jr. Warns of Government Surveillance and Control
Robert F. Kennedy Jr., a candidate for the U.S. presidency, has expressed concerns about central bank digital currencies (CBDCs) in light of the Federal Reserve's plans to introduce FedNow, an instant payment system.
Kennedy argues that the government’s digitization of currency grants them significant powers to monitor and control economic activities. While he supports Bitcoin (BTC) to preserve individuals’ ability to save and spend without political interference, he opposes CBDCs.
The ability to save and spend without political interference is a prerequisite for the exercise of meaningful dissent, and I will defend it accordingly. This is not a right- or left-wing issue. It is about protecting democracy from powerful established interests. The digitization…
— Robert F. Kennedy Jr (@RobertKennedyJr) May 5, 2023
Regardless of political affiliations, preserving the right to engage in meaningful dissent is crucial. Kennedy believes CBDCs would increase the government’s authority to stifle dissent by severing access to funds with a simple keystroke.
In contrast, he sees Bitcoin as a valuable tool that enables people to conduct transactions independently of government interference. He cites examples where Bitcoin has been instrumental in aiding movements worldwide, particularly in Burma.
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Kennedy also highlights the potential for financial censorship in the United States despite it typically being associated with authoritarian regimes. He suggests that American bank accounts could be frozen due to political affiliations or social media comments.
The financial censorship of political enemies is something we’re used to seeing under authoritarian regimes. No one was surprised when Russia froze more than 100 bank accounts tied to opposition leader Alexei Navalny. But Canada did it too, locking more than 200 accounts of…
— Robert F. Kennedy Jr (@RobertKennedyJr) May 5, 2023
Kennedy points out instances where private companies, influenced by Congress or regulators, made decisions that directly impacted individuals’ rights. For instance, PayPal, Visa, and Mastercard suspended WikiLeaks’ operations at the request of the U.S. State Department in 2010.
GoFundMe attempted to redirect funds from American accounts to preferred charities but relented after facing legal action. PayPal faced criticism for modifying its acceptable use policy to penalize users spreading misinformation, leading to lawsuits over arbitrary account seizures.
In summary, Kennedy opposed CBDCs due to concerns about increased government control, favoring Bitcoin as a means to protect individual financial autonomy. He emphasizes the potential for financial censorship and private companies’ decisions affecting personal rights.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
