Robert F. Kennedy, a U.S. presidential candidate, has taken a stance against the creation of a central bank digital currency (CBDC) in the United States. Following the example of his opponent Donald Trump, Kennedy has promised to thwart the development and implementation of a U.S. CBDC, should he be elected. He has also expressed his support for Bitcoin, recognizing it as a superior form of protection compared to traditional cash.
Advocating for Financial Privacy and Liberty
In an interview excerpt shared from his personal account, Kennedy discussed the potential dangers of a CBDC, echoing concerns about privacy and civil liberties. He warned that such a currency could lead to government overreach, allowing for extensive surveillance of citizen transactions and possible coercion. Kennedy cited the example of China’s digital yuan and its integration with a social credit system as a cautionary tale.
A report by Chainalysis in 2023 highlighted similar privacy issues, suggesting that the Chinese government could merge financial data from the digital yuan with other information, potentially affecting citizens’ social credit scores. Kennedy’s comments come as part of a broader debate on the balance between innovation in financial technology and the protection of individual rights.
Kennedy has vowed to put an end to CBDC development in the U.S. and to preserve the availability of paper currency if he becomes president. He reiterated the value of Bitcoin in providing better security to citizens than traditional cash, emphasizing the cryptocurrency’s role in safeguarding personal financial freedom.
Former President Donald Trump has also voiced his opposition to CBDCs, promising to prevent their establishment in the U.S. Despite his previous criticisms of Bitcoin, other Republican figures such as Vivek Ramaswamy and Governor Ron DeSantis have shown support for cryptocurrency and resistance to CBDCs during their presidential campaigns.