Robert F. Kennedy Jr., a Democrat and nephew of former President John F. Kennedy, and Republican Governor of Florida, Ron DeSantis, have raised concerns about the Federal Reserve’s FedNow payment system, alleging that it could pave the way for the development of a central bank digital currency (CBDC).
Kennedy Jr. took to Twitter on April 10 to reiterate his worries about CBDCs, which he considers the ultimate tools for social surveillance and control. He questioned the Fed’s assurances that FedNow would not be utilized to enable a CBDC, noting that the Biden administration has been consistently negative about cryptocurrencies.
The claim that FedNow is not the first step toward a CBDC would be more easily digestible were we not aware of the Biden administration’s steady barrage of hostile broadsides against cryptocurrencies.
Between 2008-22, the Fed partnered with a handful of big banks to print $10…
— Robert F. Kennedy Jr (@RobertKennedyJr) April 10, 2023
Kennedy Jr. believes that cryptocurrencies such as Bitcoin offer the public a way out of potential fallout when the bubble bursts and that the White House is collaborating with financial elites to confine people within the realm of profit-making and manipulation.
FedNow is set to debut in July as a 24/7 fast payments system that seeks to expedite the transaction process between financial institutions and businesses while providing a government-backed alternative to privately-run networks.
In February, the Federal Reserve Bank of San Francisco advertised job openings for CBDC designers and developers. However, on April 7, the Fed clarified that it had not yet made a decision on issuing a CBDC.
The Federal Reserve has made no decision on issuing a central bank digital currency (CBDC) & would not do so without clear support from Congress and executive branch, ideally in the form of a specific authorizing law. A CBDC would not replace cash or other payment options. (5/6)
— Federal Reserve (@federalreserve) April 7, 2023
According to an April 11 tweet by Florida’s Republican Governor DeSantis, responding to the Fed’s statement, obtaining specific authorization from Congress for major policy changes is not just “ideal,” but is actually constitutionally required.
On April 11, Governor DeSantis tweeted a response to the Fed’s statement, asserting that obtaining specific authorization from Congress for significant policy changes is not just “ideal” but also constitutionally required. DeSantis believes that unaccountable institutions cannot impose a CBDC on Americans and that people are wise enough to understand that CBDCs won’t be free of abuse.
On April 5, Kennedy Jr. filed his candidacy documents, criticizing CBDCs and arguing that they could lead to financial slavery and political tyranny. Meanwhile, DeSantis is reportedly considering a presidential run and has called for a ban on CBDCs in Florida, citing concerns about surveillance and control over citizens.
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