Tuesday, July 16, 2024

Robert F. Kennedy Jr pledges to end US efforts to move toward CBDC

Robert F. Kennedy Jr., the primary presidential candidate to simply accept Bitcoin for marketing campaign donations, joins his competitor, Donald Trump, in promising to combat the event of a central financial institution digital foreign money in the US. 


On Jan. 24, Kennedy posted a fraction of his media look on X discussing the threats of a central bank digital currency (CBDC). In his put up, the presidential candidate calls it part of a dialogue with Joseph Mercola, a proponent of other medication, who promoted “various treatments” for COVID-19. Mercola hosts a podcast known as Take Management Over Your Well being.

In a one-minute video, Kennedy claims a CBDC will permit the federal government to learn about any single transaction a citizen makes, which is able to result in blackmail or strain and provides:

“It [a CBDC] is a calamity for human rights and for civil rights.”

Kennedy shared the instance of China, the place the native CBDC, the “digital yuan,” is linked to an intensive social credit score system and, in response to U.S. politicians, the federal government “can shut off” a person’s entry to their funds if the road surveillance cameras detect any type of non-compliance.

A 2023 Chainalysis report beforehand raised privateness considerations for Chinese language residents. It warned that China may mix the monetary knowledge generated by the digital yuan with different supporting knowledge and feed it into its social credit score system.

Associated: Two presidential longshots are left waving the crypto flag, plus a wildcard

The politician vowed to finish “the efforts to maneuver towards a CBDC” if he turns into president and stated he would do all the things he can to keep up paper money. Nonetheless, Kennedy additionally reminded the listeners that Bitcoin (BTC) protects them higher than money.


One other presidential candidate, Donald Trump, has twice voiced his promise to “by no means permit” a CBDC in the US. Whereas Trump made some negative comments about Bitcoin throughout his presidency, his former Republican Occasion opponents Vivek Ramaswamy and Florida Governor Ron DeSantis took pro-crypto and anti-CBDC positions of their presidential campaigns. Each Ramaswamy and DeSantis endorsed Trump after quitting the presidential race.

Kennedy, who left the Democratic Occasion in October 2023, remains to be combating for inclusion on state ballots, as occasion poll entry requires fewer voter signatures than operating as an impartial. In January 2024, he appeared open to running as a Libertarian Occasion candidate.

Journal: Big Questions: How can Bitcoin payments stage a comeback?