US presidential hopeful Robert Kennedy Jr. backed Bitcoin (BTC) whereas talking out towards central financial institution digital currencies (CBDCs) in a Could 5 Twitter thread.
In keeping with Kennedy, the digitization of currencies has already given the federal government unprecedented powers to watch and management financial life. He thinks CBDCs would “additional amplify the federal government’s energy to stifle dissent by slicing off entry to funds with the press of a button.”
The presidential candidate’s rhetoric towards CBDCs is unsurprising, provided that he as soon as described them as a software for “monetary slavery and political tyranny.”
In the meantime, Kennedy stated Bitcoin permits individuals to transact with out authorities interference. He additional described the flagship digital asset as a “lifeline for the motion of individuals internationally”.
Governments financially censor their political enemies
With out CBDCs, Kennedy identified how governments have financially censored their political enemies. He stated this tends to occur underneath authoritarian regimes, however Western nations like Canada have additionally taken this method.
Kennedy cited examples of how the Canadian authorities froze the financial institution accounts of greater than 200 individuals attributable to their protests towards the vaccine mandate.
In keeping with Kennedy, this occasion confirmed that the US may someday freeze a person’s checking account due to their political beliefs and feedback on social media.
“In any case, in 2010, Paypal, Visa and Mastercard suspended WikiLeaks, on the request of the US State Division,” he added.
Anti-CBDC stand on the rise
In the meantime, a rising listing of US politicians have taken a stand towards CBDCs, citing the chance of monetary censorship.
A number of U.S. states like Florida, North Dakota, And North Carolina launched payments to ban the nationwide digital foreign money. Senator Ted Cruz additionally launched a invoice prohibiting the Federal Reserve from issuing this foreign money.
Whereas a number of members of the crypto neighborhood welcomed the ban, some stakeholders warned that the anti-CBDC measures may hurt Bitcoin. The Bitcoin Coverage Institute wrote that South Dakota Governor Kristi Noem’s determination to veto a CBDC invoice has affected BTC.
In keeping with the Institute, the invoice contained provisions increasing the definitions and protections of bitcoin. Along with this, it has additionally created a authorized mechanism that acknowledges self-custody and inclusion of the protocol in conventional lending, insurance coverage, and enterprise transactions.
