U.S. Presidential Candidate Vows to Stop Implementation of CBDC

United States Presidential Candidate Robert F. Kennedy (RFK) has promised to make sure that Central Bank Digital Currencies (CBDCs) do not see the light of day in the United States once he is elected as President. 

Markedly, RFK is not anti-crypto as he was the first Presidential candidate to accept Bitcoin (BTC) as a campaign donation. 

CBDC: a Calamity For Human Rights And For Civil Rights 

For Kennedy, there is a need for the U.S. to have an independent currency, void of government control. 

With the implementation of a CBDC, he sees the government interfering with every single transaction that U.S. citizens make. In the long run, the politician sees the possibility of this government interference leading to blackmail or undue pressure.

In a fragment of his media appearance that he shared on X, Kennedy talked about other threats of having a CBDC. He tagged CBDC “a calamity for human rights and for civil rights.” For context, the politician talked about China, the Asian nation that has its local CBDC, the “digital yuan,” linked to an extensive social credit system. 

Bitcoin is Better Than Paper Cash 

With this kind of system, the presidential candidate strongly believes that upon detection of any kind of non-compliance, the Chinese government can easily shut off an individual’s transaction. Considering the possibility of this happening, Kennedy emphasized maintaining paper cash once he got into office.

At the same time, he did not fail to remind his listeners that Bitcoin protects them better than paper cash.

Donald Trump Stands Against CBDC Implementation 

Noteworthy, Kennedy is not the only U.S. politician against the implementation of a CBDC. Donald Trump, a billionaire and a former president of the United States stated that he will “never allow” the creation of a CBDC in the country. He made this statement while campaigning in Portsmouth, New Hampshire for the 2024 presidential elections. Trump recently reiterated his stance on the CBDC matter. 

Similarly, Tom Emmer, a U.S. Representative and Republican from Minnesota talked about the increased scrutiny that could accompany the widespread adoption of CBDCs. He voiced his support for Trump’s stance, citing that the development and implementation of CBDCs pose a potential threat to the privacy of individuals in the financial realm.