Robert F. Kennedy Jr., nephew of the 35th president of the United States, John F. Kennedy, says that Bitcoin and other cryptocurrencies offer an alternative to the traditional financial system.
The claim that FedNow is not the first step toward a CBDC would be more easily digestible were we not aware of the Biden administration’s steady barrage of hostile broadsides against cryptocurrencies.
Between 2008-22, the Fed partnered with a handful of big banks to print $10…
— Robert F. Kennedy Jr (@RobertKennedyJr) April 10, 2023
According to the politician, who is preparing to run for the U.S. presidency, digital assets ‘will pave the path to salvation for society, and the current financial bubble will inevitably burst’.
Kennedy voiced concerns about the Federal Reserve’s monetary policy and its relationship with financial institutions.
From 2008 to 2022, the Fed collaborated with a handful of large banks to print $10 trillion in reserves over 15 years — a gold mine for bankers,
The politician also criticised central bank digital currencies (CBDC). In his view, such payment instruments are ‘the ultimate mechanism for social surveillance and control’.
Kennedy stated that the White House has colluded with financial institutions to destabilise the crypto market.
The presidential candidate also noted that the Fed’s payment system FedNow, developed by the Fed, ‘differs from CBDC technically, but not in terms of civil liberties’.
Florida Governor Ron DeSantis also criticised the digital dollar.
It is not merely “ideal” that major changes in policy receive specific authorization from Congress; it is constitutionally required.
Unaccountable institutions cannot impose a CBDC on Americans. They will tell us that CBDC won’t be abused but we are wise enough to know better.… https://t.co/OqJ27Lym2L
— Ron DeSantis (@GovRonDeSantis) April 10, 2023
“Unaccountable institutions cannot impose CBDC on Americans. They will tell us that they won’t abuse the technology, but we are wise enough to know the truth,” the governor said.
Earlier Kennedy had criticised the central bank digital currency. In his view, its development ‘smears a slippery path to financial servitude and political tyranny’.
In October 2022, Federal Reserve Board member Christopher Waller criticised the idea of launching a digital dollar. He argued that it would not strengthen the United States’ position on the international stage.
In March 2023, Republican Tom Emmer stated that the digital dollar could facilitate ‘financial control’ over citizens.
Earlier he introduced a bill to protect citizens’ privacy when using CBDC.