Robert F. Kennedy Jr: Ending US CBDC push

Robert F. Kennedy Jr., the first presidential candidate to accept Bitcoin for campaign donations, has joined Donald Trump in opposing the development of a central bank digital currency (CBDC) in the United States. Kennedy recently spoke out about the dangers of a CBDC in a media appearance, where he discussed the topic with Joseph Mercola, a proponent of alternative medicine known for promoting “alternative remedies” for COVID-19. Kennedy argues that a CBDC would enable the government to track citizens’ every transaction, leading to potential blackmail or pressure. He cites China’s digital yuan as an example, which is connected to a social credit system allowing the government to restrict individuals’ access to funds based on noncompliance.

If elected president, Kennedy promises to halt any progress toward implementing a CBDC and advocates for the preservation of paper cash. He also points out that Bitcoin provides better protection than traditional cash. Donald Trump, another presidential candidate, has made similar promises to prevent the introduction of a CBDC in the United States. While Trump’s views on cryptocurrencies were not well-known during his presidency, two of his former Republican opponents, Vivek Ramaswamy and Florida Governor Ron DeSantis, have discussed the subject in their own campaigns and endorsed Trump after dropping out of the race.

Kennedy, who left the Democratic Party in October 2023, is still working to secure inclusion on state ballots. Running as a party candidate requires fewer voter signatures than running as an independent. In January 2024, Kennedy expressed openness to running as a Libertarian Party candidate. Both Kennedy and Trump’s opposition to a CBDC aligns with a growing skepticism among some political figures regarding the potential risks associated with central bank digital currencies.

Kennedy and Trump are vocal opponents of the development of a CBDC in the United States. They argue that a CBDC would infringe on individuals’ privacy and civil rights by allowing the government to monitor and potentially control citizens’ financial transactions. Kennedy specifically points to China’s digital yuan as an example of a CBDC linked to a social credit system that grants the government extensive control over individuals’ finances. Despite differing political backgrounds, both candidates share a concern about the implications of CBDCs and promise to prevent their implementation if elected.