A presidential contender in the United States is opposing the Federal Reserve’s idea to develop a central bank digital currency (CBDC), claiming that it might eventually lead to the government seizing Bitcoin. (BTC).
In a long statement, Robert F. Kennedy, who just launched his candidacy for the Democratic presidential nomination in 2024, said the government’s plans for a CDBC “grease the slippery slope to financial slavery and political tyranny.”
The lack of anonymity connected with CBDCs, according to Kennedy, is a severe hazard that would allow the government to increase its authority and intrude into people’s lives.
“While cash transactions are private, a CBDC will allow the government to monitor all of our private financial transactions.” The central bank will have the authority to impose dollar limitations on our transactions, limiting where money may be sent, spent, and when it expires.
If you refuse to comply with arbitrary diktats, such as vaccine requirements, a CBDC linked to your digital ID and social credit score would empower the government to freeze your assets or limit your spending to approved suppliers.”
Kennedy goes on to warn that a CDBC would eventually open the way for the government to begin outlawing and confiscating BTC, as it did with gold in the 1930s. “The Fed will initially limit its CBDC to interbank transactions, but we should not be blind to the obvious danger that this is the first step toward prohibiting and seizing bitcoin, as the Treasury did with gold 90 years ago today in 1933.”
According to the presidential contender, governments throughout the world would deploy alarmist methods to usher in the age of global CBDCs. “Keep an eye out as governments, who never waste a good crisis, use Covid-19 and the banking crisis to usher in a new wave of CBDCs as a safe haven from germ-laden paper currencies or as protection against bank runs.” The Federal Reserve intends to launch FedNow, its CDBC service, in July.