An individual’s every financial transaction would be transparent to the government under a CBDC, according to the presidential contender, who fears this may lead to extortion or other forms of coercion.
Along with his rival Donald Trump, Robert F. Kennedy Jr. has pledged to oppose the creation of a national digital currency in the US. Kennedy was the first presidential candidate to accept Bitcoin as a campaign contribution.
Kennedy shared a clip from his January 24th media presentation on X, in which he discussed the dangers of a CBDC. The presidential contender claims it is an excerpt from an interview with alternative medicine advocate Joseph Mercola, who advocated “alternative remedies” for the COVID-19 pandemic. Take Control Over Your Health is the name of Mercola’s podcast.
Kennedy asserts in a brief video that a CBDC will enable the government to track every single transaction an individual makes, which might result in force or blackmail, and adds: “It is a disaster for civil and human rights that a CBDC exists.”
According to U.S. legislators, the Chinese government “can shut off” a person’s access to their money if street surveillance cameras discover any kind of noncompliance with the comprehensive social credit system that the local CBDC, the “digital yuan,” is tied to. Kennedy used China as an example.
Concerns over Chinese residents’ privacy were earlier voiced in 2023 Chainalysis research. The report expressed concern that China may integrate the digital yuan’s financial data with supplementary data and use it to power its social credit system.
After campaigning on a platform of stopping “the efforts to move toward a CBDC” and doing everything in his power to preserve paper currency, the lawmaker announced his plan to run for president. Having said that, Kennedy did mention to the audience that Bitcoin is more secure than cash.
Also Read: Tesla Lost Nearly $300 Million in Profits Due to Bitcoin Sales January 28, 2024
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