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Two U.S. presidential candidates have taken a firm stance against central bank digital currencies (CBDC). Donald Trump and Robert F. Kennedy Jr. have both declared their opposition to the U.S. adopting this form of currency.
What Happened: Kennedy Jr., exploring a bid as a Libertarian candidate, emphasized his commitment to financial autonomy online. He said, “As president, I will end the efforts to move toward a CBDC.” His remarks came as part of discussions with Dr. Joseph Mercola about the future of financial freedom.
Kennedy Jr., considering running as an independent to secure his place on ballots across the country, also indicated openness to accepting a Libertarian nomination on a CNN program hosted by Michael Smerconish. “We have a really good relationship with the Libertarian Party,” said Kennedy.
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Why It Matters: In a promise made last year, Kennedy Jr. pledged to protect cryptocurrencies like Bitcoin BTC/USD, allowing people to maintain personal wallets and to ensure transaction security. He warned against CBDCs as potential tools for surveillance and control, saying, “While cash transactions are anonymous, a CBDC will allow the government to surveil all our private financial affairs.”
On the other hand, former President Trump, speaking at a rally last week, promised to prevent the federal government from controlling Americans’ finances through a CBDC, following advice from Vivek Ramaswamy, who has since endorsed Trump.
While both presidential hopefuls oppose CBDCs, the Trump campaign’s senior adviser, Chris LaCivita, clarified that Kennedy Jr. is not being considered for vice president within their campaign.
Despite the CBDC debate, the Federal Reserve has not solidified plans for a digital dollar, as confirmed by Fed Chair Jerome Powell, indicating a decision is still years away.
Photo Courtesy: Shutterstock.com
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