Former presidential candidate Robert F. Kennedy Jr. or Bobby Kennedy has recently sounded alarmed on the matter of FedNow’s collaboration with the US government. It is worth mentioning that FedNow is a digital payment-facilitating network that is created by the Federal Reserve.
The statement issued by Kennedy Jr. indicates that FedNow, which is a real-time payment facilitating network, is working as the piloting pad for the Central Bank Digital Currency or CBDC project. He has extended the allegations to the Biden administration for using FedNow as an anti-crypto tool.
He has issued the warning that the nationalized digital payments channel is due for launch in July this year. He also mentioned that this network is going to be the first step towards enslaving the masses and putting an authoritative government system in place.
He has filed his candidacy papers for the upcoming presidential elections on 5 April. While he has rebuked CBDCs, he has shown support for Bitcoin as a decentralized and independent financial network.
CBDCs will Violate Personal Financial Freedom
In addition to turning down CBDCs, he has also purported that the Biden administration has made at least 15 attempts since December to stifle the crypto sector. In this regard, Venture Capitalist named Nic Carter, reported the news about the involvement of the Biden administration in the recent banking crises and used the term Operation Chokepoint 2.0 to define the phenomenon.
Some financial analysts have claimed that FedNow does not have any direct link with the digital dollar project at present.
However, Kennedy Jr. has reiterated the point of former Coinbase official Balaji Srinivasan. The Coinbase executive maintained in the past that both FedNow and CBDCs are two sides of the same government projects and will impose similar controls of the US government over the national financial networks that undermine civil liberties.
He has also expressed concerns that FedNow can be exploited by the government as a surveillance tool. Government officials have maintained that FedNow is only adopted by banks to perform commercial transactions.
However, Kennedy Jr. believed that the seizure of gold by the government implied that it could be adopted on a public level.
Aaron Klein is the former Senate Banking Committee member who has come forward to defend the position of FedNow. He maintained that FedNow is only going to allow banks to generate better financial reporting, and the data collected by this system can be used to prevent any type of money laundering practices.
Meanwhile, Josh Lipsky, the administrator of Atlantic Council, has maintained that the laws that have granted privacy protection for credit card users are going to be applicable to CBDC users as well.
Federal Reserve has replied to Kennedy Jr. that CBDCs are not the same entity as FedNow. The Central Bank also noted that CBDCs are still in the process of launching and are not ready for a public debut.
The statements issued by Kennedy Jr. are in line with Republican candidate Ron DeSantis who has filed a bill in Congress to bring a ban on CBDCs.