A Bold Promise: Robert F. Kennedy Jr. Declares Opposition To US CBDC Initiatives

Robert F. Ke­nnedy Jr., the first preside­ntial candidate to accept Bitcoin for campaign donations, agree­s with his opponent, Donald Trump, to oppose creating a ce­ntral bank digital currency (CBDC) in the U.S. 

On Jan 24, Kennedy disclosed a snippet of his appearance on X, delving into the perils associated with a CBDC. In this revelation, the presidential contender shared a segment of his conversation with Joseph Mercola, an advocate for alternative medicine who advocates unconventional approaches to addressing COVID-19. Mercola hosts the podcast “Take Control Over Your Health.”

In a concise one-minute video, Kennedy contends that a CBDC could empower the government with unprecedented knowledge of every individual transaction, potentially leading to coercion or manipulation.

However, he asserts, “It [a CBDC] is a catastrophe for human rights and civil liberties.”

Kennedy illustrated his concerns by citing China’s use of the “digital yuan,” the local CBDC, intricately linked to an extensive social credit system. According to U.S. politicians, the Chinese government can “shut off” an individual’s access to their funds if surveillance cameras detect any form of non-compliance.

In a report from 2023, Chainalysis highlighted privacy apprehensions for residents of China. The report cautioned that there was a potential for China to amalgamate the financial data generated through the digital yuan with additional supplementary data, integrating it into the country’s social credit system.

Presidential Pledges: Navigating The CBDC Debate In A Bitcoin Era

Moreover, the political figure pledged to cease “the initiatives aimed at adopting a CBDC” should he assume the presidency and expressed his commitment to preserving the use of physical currency. Nonetheless, Kennedy also emphasized to the audience that Bitcoin provides better protection than traditional cash.

Donald Trump, a former candidate­ for president, promised twice­ to stop a Central Bank Digital Currency (CBDC) in the U.S. During his te­rm, he questioned Bitcoin. However, Vive­k Ramaswamy and Florida’s Governor Ron DeSantis, who were­ his past opponents from the Republican Party, supporte­d Bitcoin and opposed CBDCs in their campaigns. After the­y pulled out of their campaigns, Ramaswamy and DeSantis supporte­d Trump.   

Kennedy, who parted ways with the Democratic Party in Oct 2023, is currently working to secure a spot on state ballots. Meeting the requirements for party ballot access necessitates fewer voter signatures compared to running as an independent candidate. However, as of Jan 2024, Kennedy has shown a willingness to consider running as a candidate for the Libertarian Party.

Related Reading | Cardano Price Dip Signals A Bullish Breakout, Says Crypto Analyst

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

Comments (No)

Leave a Reply