Robert F. Kennedy Jr., a presidential candidate, has joined Donald Trump in opposing the development of a central bank digital currency (CBDC) in the United States. Kennedy expressed his concerns during a media appearance, highlighting the potential threats of a CBDC to privacy and civil liberties.
In his discussion with Joseph Mercola, an advocate of alternative medicine, Kennedy emphasized the risks associated with CBDCs. He pointed out that such a currency could enable the government to monitor every transaction, potentially leading to blackmail or undue pressure on citizens. He cited the example of China’s digital yuan and its integration with a social credit system, suggesting a similar risk in the U.S.
A 2023 report by Chainalysis raised similar privacy concerns, particularly in the context of China’s ability to merge financial data from the digital yuan with other data for its social credit system.
towards a CBDC if elected president and expressed his support for maintaining paper cash. Interestingly, he also acknowledged the protective qualities of Bitcoin against such privacy concerns.
Kennedy is notable for being the first presidential candidate to accept Bitcoin for campaign donations, indicating a positive stance towards cryptocurrencies.
Donald Trump, also a presidential candidate, has promised to oppose a CBDC in the U.S. Despite his previous negative remarks about Bitcoin, his stance aligns with Kennedy’s on the issue of a CBDC.
Former Republican Party candidates Vivek Ramaswamy and Florida Governor Ron DeSantis, who endorsed Trump after withdrawing from the race, have expressed pro-crypto and anti-CBDC positions in their campaigns.
Kennedy, who left the Democratic Party in October 2023, faces challenges in gaining ballot access as an independent candidate. He has considered running as a Libertarian Party candidate to navigate these challenges more effectively.
The debate over CBDCs in the U.S. presidential race highlights a growing concern about digital privacy and financial autonomy. Candidates like Robert F. Kennedy Jr. and Donald Trump are voicing strong opposition to CBDCs, aligning with certain segments of the crypto community. This issue is becoming a significant point in the broader discussion of technology, privacy, and financial policy in the political arena.
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