- Robert F. Kennedy Jr. has joined Donald Trump in promising to fight the development of a central bank digital currency (CBDC) in the United States if elected president, warning it would allow the government to monitor every transaction.
- Kennedy vowed to end “the efforts to move toward a CBDC” if he becomes president, saying he would do everything possible to maintain paper cash, though he said Bitcoin offers better protection than cash.
- Kennedy recently left the Democratic Party but is still battling for ballot inclusion, considering running as a Libertarian Party candidate to help get on more state ballots for his anti-CBDC presidential bid.
Robert F. Kennedy Jr. has joined Donald Trump in promising to fight the development of a central bank digital currency (CBDC) in the United States if elected president.
Kennedy criticizes privacy risks of CBDCs
In a recent media appearance, Kennedy warned that a CBDC would allow the government to monitor every transaction a citizen makes. He called this a “calamity for human rights and civil rights.”
Kennedy pointed to China’s digital yuan and its links to the country’s social credit system as an example of the privacy risks. He claimed the Chinese government can restrict access to individual funds based on surveillance camera data showing non-compliance.
A 2023 Chainalysis report previously raised similar privacy concerns about China’s digital yuan. It warned that transaction data could feed into China’s social credit system.
Vows to maintain paper cash, touts Bitcoin’s advantages
Kennedy vowed to end “the efforts to move toward a CBDC” if he becomes president. He said he would do everything possible to maintain paper cash.
However, Kennedy also said Bitcoin offers better protection than cash. He was the first presidential candidate to accept Bitcoin donations.
Joins Trump in anti-CBDC stance
Kennedy joins Donald Trump in promising to block a CBDC. While Trump had criticized Bitcoin, his former Republican opponents took pro-crypto stances.
Both Vivek Ramaswamy and Ron DeSantis opposed CBDCs before ending their campaigns and endorsing Trump.
Still fighting for ballot inclusion after leaving Democratic Party
Kennedy left the Democratic Party in October 2023 but is still battling for ballot inclusion. Party access requires fewer signatures than an independent run.
In January 2024, Kennedy said he may run as a Libertarian Party candidate. This could help him get on more state ballots.
