A candidate for the US Presidency is opposing the Federal Reserve’s plan to create a central bank digital currency (CBDC), saying that it could ultimately lead down a path where the government seizes Bitcoin (BTC).
In a lengthy message, Robert F. Kennedy, who recently announced that he is running in the 2024 presidential campaign as a Democrat, says that the government’s plans for a CDBC “grease the slippery slope to financial slavery and political tyranny.”
According to Kennedy, the lack of anonymity associated with CBDCs is a grave danger that would allow the government to expand its authority and intrude into people’s lives.
“While cash transactions are anonymous, a CBDC will allow the government to surveil all our private financial affairs. The central bank will have the power to enforce dollar limits on our transactions restricting where you can send money, where you can spend it, and when money expires.
A CBDC tied to digital ID and social credit score will allow the government to freeze your assets or limit your spending to approved vendors if you fail to comply with arbitrary diktats, i.e. vaccine mandates.”
Kennedy goes on to say that a CDBC would eventually pave the way for the state to start banning and seizing BTC, just like they 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 in banning and seizing bitcoin as the Treasury did with gold 90 years ago today in 1933.”
The presidential candidate further says he believes that governments around the world will use alarmist tactics to usher in the era of global CBDCs.
“Watch as governments, which never let a good crisis go to waste, 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 currently has plans to release FedNow, its CDBC service, in July.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Tonis Pan/Natalia Siiatovskaia