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US Elections: Two Presidential Candidates Warns Against CBDCs

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By Erika John - - 5 Mins Read
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A distinctive anti-CBDC (central bank digital currency) sentiment is gaining momentum in the upcoming U.S. elections.

 

Leading this charge is Robert F. Kennedy Jr., a figure exploring the possibility of a presidential bid. Kennedy Jr., with a dedication to libertarian principles, has made his stance clear—CBDCs, in his view, pose a formidable threat to financial privacy and autonomy.

 

In discussions with Dr. Joseph Mercola about the future of financial freedom, Kennedy Jr. voiced his commitment: "As president, I will end the efforts to move toward a CBDC."

 

Kennedy Jr.'s potential bid for the presidency includes considerations beyond the conventional party lines.

 

While contemplating an independent candidacy, he has expressed openness to accepting a Libertarian nomination.

 

His affinity with the Libertarian Party stems from a shared vision of preserving individual freedoms, particularly in cryptocurrencies like Bitcoin.

 

Kennedy Jr. has raised concerns about the introduction of Central Bank Digital Currencies (CBDCs) and the potential for governments to use them to carry out surveillance of citizens' private financial affairs.

 

His concern extends beyond the theoretical, emphasizing the practical implications of a cryptographic financial system.

 

He warns that such a system could give authorities unprecedented access to individuals' financial transactions, leading to justifiable worries about privacy and control.

Trump's Rallying Cry Against CBDCs

Joining Kennedy Jr. in the anti-CBDC chorus is former President Donald Trump.

 

At a recent rally, Trump vowed to prevent the federal government from controlling Americans' finances through a CBDC under the Central Bank's jurisdiction.

 

This firm stance is influenced by advice from Vivek Ramaswamy, a prominent figure who has endorsed Trump's candidacy.

 

The alignment between Trump and Ramaswamy reflects a shared commitment to resisting the encroachment of Central Bank Digital Currencies on financial freedoms.

 

Trump's opposition to CBDCs aligns with the broader sentiment within his political circle. Being a huge blockchain fan with a strong interest in NFTs, Trump believes the cryptographic control of monetary systems is antithetical to personal liberty and limited government principles.

 

It's crucial to note that while both Kennedy Jr. and Trump stand united against CBDCs, Kennedy Jr. is not being considered for the vice-presidential position within the Trump campaign.

 

Chris LaCivita, the senior adviser to the Trump campaign, issued this clarification, underscoring the independence of their respective pursuits.

Federal Reserve's Evaluation Amidst Political Opposition

Despite the vehement opposition from these presidential hopefuls, the Federal Reserve continues to evaluate the prospect of a digital dollar. Fed Chair Jerome Powell has confirmed that any decision regarding CBDCs remains years away.

 

The ongoing debate surrounding Central Bank Digital Currencies reflects the complexity of the issue as experts and policymakers weigh the potential benefits and drawbacks of introducing a digital version of the U.S. dollar.

 

Against the backdrop of the U.S. elections and the lively discussions on CBDCs, the Federal Reserve's cautious approach signals a recognition of the multifaceted nature of this financial evolution.

 

As political figures like Kennedy Jr. and Trump stake their claims against CBDCs, the central bank navigates a path that balances technological progress with preserving financial stability.

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