Florida Governor Ron DeSantis and environmental activist and presidential candidate Robert Kennedy Jr call for caution over the issuance of a digital currency for the dollar by the United States Federal Reserve.
CBDCs, the digital currencies of central banks, are a mechanism of social surveillance and control, according to Robert Kennedy Jr.
The nephew of former President John F. Kennedy has been questioning the goals of the White House and the Federal Reserve (FED), criticizing their plans to develop a CBDC digital currency.
FedNow and CBDC, the FED's covert plan
Although the Federal Reserve has stated that the issuance of a CBDC digital currency for the dollar is a decision that has not yet been made definitively, Kennedy Jr. states that there is little distinction between what will be a CBDC of the US dollar and the system of FedNow instant payments, which is currently being developed by the FED and will be available to the public in the middle of this year.
On Twitter, Robert Kennedy Jr stated that the issuance of a digital dollar will serve as a mechanism to control American citizens, like the FedNow payment system, since both will allow the government to monitor the financial transactions and movements carried out by people. , violating their rights to privacy and financial freedom.
“The distinction between FedNow and a CBDC is important from a technical point of view, but not from a civil liberties point of view”, wrote Robert Kennedy Jr quoting businessman and former Coinbase CTO Balaji Srinivasan.
Likewise, the current governor of the state of Florida, Ron DeSantis, expressed his discontent and concern about the design and creation of a digital dollar.
Both Kennedy Jr and DeSantis have declared themselves enthusiasts of Bitcoin and cryptocurrencies, defending the decentralization, transparency and resistance to censorship of blockchain technology as a tool that allows people to be empowered.
What is FedNow?
According to the Federal Reserve, FedNow is a new payment system with which people will be able to make instant and accessible transactions in real time. Tom Barkin, Chairman of the Federal Reserve, said that FedNow is an adaptable, resilient and accessible system, whose goal is to optimize financial operations in the country.
However, although the FED has presented FedNow as an alternative to blockchain-based CBDCs, Kennedy Jr and DeSantis believe that it could just be a way to divert attention from CBDCs in an attempt to regain people's trust.
This payment system will begin working in July, although it is expected that this month, the FED will begin the certification of all the institutions and users that will be part of its system during its launch.
Concern about financial surveillance
Last week, Kennedy had posted another Twitter thread mentioning the looming risks of the FedNow launch. As he explained, the objective of this payment system is to prevent the use of Bitcoin.
FedNow is probably the first step by the US government to confiscate Bitcoin, Kennedy said, noting that the situation could be similar to that seen in 1933, after an operation carried out by the Treasury Department against gold.
Also, the presidential hopeful mentioned that FedNow could destroy financial privacy, allowing central banks to establish limitations to monitor transactions and how people use their own money.
The Federal Reserve Banks are driving the development of FedNow to offer citizens real-time transactions that will be available 24 hours a day, all year round, leaving aside limitations due to geographic location.
Continue reading: FedNow: the alternative to the Federal Reserve's CBDCs
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