In a recent announcement, the pro-Bitcoin president aspirant Robert F. Kennedy Jr revealed plans to end the development of central bank digital currency (CBDC) if he wins the upcoming election.
During the campaign period, Kennedy demonstrated his positive crypto stance. In an X post, Kennedy provided several opinions concerning the crypto and CBDC.
Disadvantages of CBDC
The presidential candidate outlined the risks associated with CBDC. In his statement, Kennedy confessed that the launching of CBDC would allow the government authority to monitor every transaction made by US citizens.
The 70-year-old politician argued that even though the CBDC will promote financial inclusivity, the digital currency will lead to blackmail. The policymaker described CBDC as a calamity that will erode human rights.
He argued that the launching of CBDC would lead to a violation of civil rights. Kennedy recognized the remarkable contribution made by the government to support the ongoing development of CBDC.
Robert F. Kennedy Jr Vows to Abolish CBDC in US
He stated that some countries, such as China, have completed the development of CBDC, dubbed the digital yuan. The legal practitioner revisited the use of digital yuan in different industries to boost financial inclusivity in China.
After analyzing the features of the digital yuan, Kennedy noted that the Chinese CBDC is connected to the social credit system to gauge an individual reputation.
Based on the complex regulatory regime in the US, Kennedy lamented that the CBDC would grant government agencies legal powers to take action against noncompliant individuals.
Citing a Chainalysis report, Kennedy noted the Chinese resident raised concerns concerning the privacy of CBDC. In the report, the Chainalaysis team cautioned the Chinese that the government could combine data generated from the digital yuan with the social credit system.
Risks Associated with CBDC
Based on the multiple privacy concerns related to the CBDC, Kennedy pledged to halt its ongoing development if elected as the 47th president of the United States. He vowed to maintain the paper cash despite the continuing development of the crypto industry.
Also, politicians plan to support the interests of Bitcoiners and crypto enthusiasts. Kennedy’s proposal replicates a similar manifesto launched by former US president Donald Trump.
In his public statement, Trump vowed never to allow CBDC in the US. Also, Trump issued negative comments concerning the world’s largest cryptocurrency, Bitcoin (BTC). In his statement, Trump pledged to stop the federal government from taking charge of the American finances via the CBDC.