Donald Trump Receives Ally In Fight Against CBDCs

Two contenders for the U.S. presidency, Donald Trump and Robert F. Kennedy Jr., have taken a strong stance against the adoption of central bank digital currencies (CBDC). Kennedy Jr. expressed his dedication to online financial autonomy, declaring that he will halt the move towards a CBDC if elected. This statement was made during discussions with Dr. Joseph Mercola about the future of financial freedom.

Safeguarding Citizens

Considering an independent run to secure a spot on ballots nationwide, Kennedy Jr. also showed openness to a Libertarian nomination in a CNN program hosted by Michael Smerconish. In a commitment made the previous year, Kennedy Jr. vowed to safeguard cryptocurrencies like Bitcoin, allowing individuals to retain personal wallets and ensuring transaction security. He cautioned against CBDCs, citing potential risks of surveillance and control, stating,

Conversely, Trump, addressing a recent rally, pledged to prevent the federal government when it comes to overseeing American finances through a CBDC, following advice given by Vivek Ramaswamy, a Trump endorser.

Understanding CBDCs

CBDCs are digital forms of a national currency that are issued and regulated by the central bank. Unlike cryptocurrencies like Bitcoin, CBDCs are centralized and typically represent a digitized version of the traditional currency, such as the U.S. Dollar or the Euro. CBDCs aim to combine the advantages of digital currencies, like fast and secure transactions, with the stability and backing of a government-issued currency.

The central bank oversees the issuance, distribution, and regulation of CBDCs, and they can coexist with physical cash. The implementation and adoption of CBDCs are subjects of ongoing discussions and experiments in various countries around the world.

While both presidential candidates are against CBDCs, Chris LaCivita, the senior adviser for the Trump campaign, clarified that Kennedy Jr. is not under consideration for the vice-presidential position. Moreover, despite the ongoing CBDC debate, the Federal Reserve, according to Chair Jerome Powell, has not finalized plans for a digital dollar, with a decision expected to take several years.