US Presidential Candidate Says FedNow CBDC Will Bring Financial Slavery

April 8, 2023 11:14 am Comments

Robert F. Kennedy, a US presidential candidate, just warned on Twitter that the new FedNow CBDC from the Federal Reserve could be used as a tool to bring financial slavery.

CBDCs have always been mentioned by the crypto community as they utilize similar technology to crypto, but are centralized instead.

The trend around the world is that many central banks are conducting pilot tests of CBDCs and the latest announcement of the FedNow CBDC seems very timely.

Kennedy hopes to bring awareness to this issue as part of his 2024 presidential campaign because it is concerning that people could lose a lot of control when spending their money if this CBDC gets implemented. reports:

The nephew of former US president John F. Kennedy, Kennedy is an environmental lawyer who is now a presidential hopeful. Specifically, he has previously gained some notoriety through his firm stance on vaccine mandates. Now, he’s turning his attention toward digital assets.

Specifically, the 2024 US Presidential Candidate Robert F. Kennedy has spoken out about the Federal Reserve’s newly announced FedNow CBDC. Moreover, stating the implementation of digital currency could bring about “financial slavery and political tyranny.”

In a Twitter post, Kennedy voiced his frustration with the new FED announcement. He states that the anonymity of cash transactions is no more with the overarching adoption of a government-surveilled CBDC.

Additionally, he stated, “The central bank will have the power to enforce dollar limits on our transactions restricting where you can spend money, where you can spend it, and when money expires.”

Basically, a CBDC could do things like make expiration dates on your money, lose anonymity, and perhaps even set a limit on the number of transactions you can do.

As a result, a lot of financial freedom could certainly be lost of control over this CBDC falls into the wrong hands.

It is still to be determined what the effects of the rise of CBDCs would do to existing decentralized assets like Bitcoin and XRP.

Some expect that it will bring more competition while others believe that both types of assets will co-exist and will serve different purposes.

On a positive note, the rise of CBDCs would likely use Ripple’s CBDC platform which would still benefit its native token XRP.

CryptoSlate concludes:

According to Kennedy Jr., CBDCs grease the slippery slope to financial slavery and political tyranny. He noted that the government could use this digital currency to “surveil all our private financial affairs.”

“The central bank will have the power to enforce dollar limits on our transactions restricting where you can send money, where you can spend it, and when money expires.”

He explained that the digital currency could give the government power to freeze citizens’ assets or even limit their spending when they fail to “to comply with arbitrary diktats.”

The presidential candidate added:

“Watch as governments, which never let a good crisis go to waste, use Covid-19 and the banking crisis to usher in a new wave of CBDCs as a safe haven from germ-laden paper currencies or as protection against bank runs.”

Kennedy is a nephew of President John F. Kennedy and the son of the U.S. attorney general and New York Senator Robert F. Kennedy.

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