U.S. presidential candidate Robert F. Kennedy Jr has expressed concern about the dangers of central bank digital currencies (CBDCs), warning that they could give the government unprecedented power to surveil and control economic life.
Kennedy, who announced his candidature on the Democratic Party ticket last month, said that while he supports Bitcoin, he opposes CBDCs, which he believes could be used to stifle dissent.
“The digitization of currency has given government unprecedented powers to surveil and control economic life. That is why I oppose CBDCs, which will vastly magnify the government’s power to suffocate dissent by cutting off access to funds with a keystroke,” he said.
Kennedy cited examples of financial censorship in the US, pointing out that private companies have already suspended accounts and blocked funds in response to political opinions or comments made on social media. He argued that this could be a precursor to even greater government control.
“It’s not outlandish to imagine that even here in America, your bank account could one day be frozen because of your politics, or comments you’ve made on social media,” he said.
Kennedy’s comments come amid the Federal Reserve’s plans to roll out an instant payment system known as FedNow, which some experts have suggested could pave the way for a CBDC in the US. However, Kennedy’s concerns highlight a growing debate over the risks and benefits of CBDCs, as central banks around the world explore the potential of digital currencies.
For Kennedy, the issue is not about left- or right-wing politics, but about protecting democracy from powerful interests. He believes that the ability to save and spend without political interference is essential for the exercise of meaningful dissent, and that Bitcoin offers a way to conduct transactions free from government control.
“Bitcoin has been a lifesaver for people’s movements around the world, especially in Burma,” he said.
Kennedy’s stance on CBDCs may find support among some Bitcoin proponents, who see the digital currency as a way to circumvent government control. However, it remains to be seen whether his views will resonate with a wider audience as the debate over the digitization of currency continues to unfold.
