- A stablecoin would give the government 24/7 access to citizens’ funds
- Kennedy gave China's CBDC as an example that shouldn’t be followed
Robert F. Kennedy Jr., an independent candidate for US president, joined Republican candidate Donald Trump in his stance to fight the development of a central bank digital currency (CBDC). RFK Jr. was the first presidential candidate to accept Bitcoin for campaign donations, Cointelegraph reminds.
Kennedy posted an excerpt of a media appearance on X where he talked about the threats of a CBDC, which was part of a discussion with alternative medicine proponent Joseph Mercola. Mercola made waves when he suggested “alternative remedies” for COVID-19.
A “calamity” for human rights
In the short video, Kennedy said a government-issued stablecoin would give the government 24/7 real-time information about citizens’ transactions, which could lead to pressure or even blackmail. He went on to call these stablecoins “a calamity for human and civil rights.”
The pitfalls of a social credit system like China’s
Kennedy gave China as an example that shouldn’t be followed. The Chinese government connected their CBDC to an imposing social credit system. According to Donald Trump and Kennedy, the government can suspend anyone’s access to their funds randomly and arbitrarily.
In 2023, blockchain analyst company Chainalysis warned that the Chinese government could combine the financial data the digital yuan generated with other information and enter it in the social credit system.
Anti-stablecoin, pro-crypto
Kennedy promised to put an end to all efforts to introduce a CBDC if he became president and assured he would do everything in his power to maintain cash. Notwithstanding that, he pointed out that Bitcoin was a better store of value than cash.
Does he stand a chance?
Kennedy announced he was leaving the Democratic Party in October 2023. He is trying to be included on state ballots for the presidential elections. It is a struggle as running as an independent candidate requires more voter signatures than party ballot access. This month, he hinted that he might run as a Libertarian Party candidate.
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