Prominent U.S. presidential candidates, Robert F. Kennedy Jr. and Donald Trump, adamantly oppose central bank digital currencies (CBDCs), citing concerns over financial privacy and government control. Kennedy Jr., eyeing a potential presidential bid, pledges to halt CBDC efforts if elected, prioritizing personal wallet protection and secure transactions. Meanwhile, Trump vows to prevent government control over finances through CBDCs. Despite their shared opposition, Kennedy Jr. is not being considered for the vice-presidential role in Trump’s campaign. The Federal Reserve's decision on a digital dollar is still years away, allowing for ongoing debate on the topic.
Robert F. Kennedy Jr. and former President Donald Trump, both prominent U.S. presidential candidates, firmly oppose central bank digital currencies (CBDCs), citing concerns about the potential threats they pose to financial privacy and autonomy.
Trump's stance against CBDCs
Former President Donald Trump gestures after speaking during the North Carolina Republican Party Convention in Greensboro, N.C., Saturday, June 10, 2023. Now seeking a second term even as he fights federal charges, Trump continues to shatter the norms of American politics. While the country has endured liars in the White House before, no president has ever scorned the truth as regularly as Trump, who continues to lie about his loss to Joe Biden in the 2020 election. (AP Photo/Chuck Burton)
Donald Trump, aiming for the Republican Party's nomination for the upcoming presidential election, has pledged to thwart the introduction of a US central bank digital currency (CBDC), labeling the concept a "dangerous threat to freedom." At a recent event in New Hampshire, the 77-year-old former president assured his supporters that, if elected, he would staunchly oppose the creation of such a currency. Trump's stance on CBDCs aligns with the growing global discourse on the topic, with only a few nations having formally launched their own CBDCs. While China progresses with its digital yuan, India moves towards a digital rupee, and the European Central Bank considers a digital euro, the US Federal Reserve remains cautious, having released a paper on the potential benefits and drawbacks of a digital dollar two years ago, yet Chair Jerome Powell has refrained from expressing firm support for its implementation.
Robert F. Kennedy Jr.'s aspirations towards Libertarian ideals
Robert F. Kennedy Jr., a presidential candidate, has voiced concerns about central bank digital currencies (CBDCs) and their potential impact on financial freedoms. In a recent interview with Peter McCormack on the What Bitcoin Did podcast, Kennedy cautioned that CBDCs could erode personal liberties by enabling governments to monitor individuals' spending activities comprehensively.
Robert F. Kennedy Jr., contemplating an independent presidential candidacy for broader ballot access, has expressed willingness to accept a Libertarian nomination. He highlights his commitment to safeguarding individuals' freedom to utilize cryptocurrencies, particularly Bitcoin, stressing the importance of maintaining personal wallet ownership and ensuring secure transactions. Kennedy Jr. cautions against central bank digital currencies (CBDCs), citing the potential for government surveillance of private financial activities, thus heightening apprehensions regarding privacy and control.
The ongoing assessment by the Federal Reserve
Despite the firm resistance to CBDCs from these presidential contenders, the Federal Reserve has not concluded its deliberations on a digital dollar. According to Fed Chair Jerome Powell, a resolution on this issue is still several years off. The discourse on Central Bank Digital Currencies progresses as experts and policymakers assess the possible advantages and disadvantages of implementing a digital rendition of the U.S. dollar.
Robert F. Kennedy Jr., a presidential candidate, has voiced concerns about central bank digital currencies (CBDCs) and their potential impact on financial freedoms. In a recent interview with Peter McCormack on the What Bitcoin Did podcast, Kennedy cautioned that CBDCs could erode personal liberties by enabling governments to monitor individuals' spending activities comprehensively.
