Kennedy Warns Against CBDC’s Threat to Financial Privacy
Robert F. Kennedy, a Democrat running for the US presidency in 2024, has opposed the Federal Reserve's plan to create a central bank digital currency (CBDC).
In a lengthy message, Kennedy warns that a CBDC could lead to a loss of financial freedom and political power, stating that the government’s plans for a CBDC “grease the slippery slope to financial slavery and political tyranny.”
According to Kennedy, CBDCs severely threaten citizens’ financial privacy and could grant the government unprecedented power to monitor transactions, limit spending, and freeze assets.
Moreover, Kennedy believes that coupling CBDCs with digital IDs and social credit scores would further enable the government to restrict spending and freeze assets for noncompliance with “arbitrary diktats,” including vaccine mandates.
Kennedy also cautions that a CBDC could pave the way for the government to ban and confiscate Bitcoin, much like they did with gold in the 1930s.
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He predicts that global governments will exploit crises such as the Covid-19 pandemic and banking instability to promote CBDCs as a “safe haven” from paper currencies and bank runs.
Notably, the Federal Reserve is set to launch its CBDC service, FedNow, in July. While supporters of CBDCs highlight their potential benefits, such as faster and more affordable transactions and increased financial inclusion, Kennedy’s concerns about government overreach highlight the complex issues surrounding the adoption of CBDCs.
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.
