US presidential candidate Robert Kennedy says FedNow is first step to banning Bitcoin
U.S. presidential candidate Robert Kennedy Jr. believes the Federal Reserve’s digital payment system, FedNow, is the government’s first step to ban Bitcoin (BTC).
Kennedy says FedNow shouldn’t be blinded by claims that it will initially be limited to interbank transactions. He noted that this could be “the first step in banning and seizing bitcoin, as the Treasury Department did with gold 90 years ago today in 1933.”
The Fed has announced that the FedNow payment system will launch in July. Payment systems are designed to make paying bills, transferring money, and other activities faster and cheaper.
Multiple cryptocurrency insiders have pointed out that the move could be a way for the government to counter the industry.
Meanwhile, the recent US government crackdown on the cryptocurrency industry has been described as “Operation Chokepoint 2.0.” Law firm Cooper & Kirk has said the “backward war over cryptocurrencies” is illegal, unconstitutional and arbitrary.
Kennedy highlights the dangers of CBDC
Democrats equated FedNow with a central bank digital currency (CBDC) and highlighted some of the dangers this bodes for US citizens.
According to Kennedy Jr., a CBDC will smooth the slippery slope to economic slavery and political tyranny. He said the government could use this digital currency to “monitor all our private financial affairs.”
“Central banks have the power to impose dollar limits on our transactions, restricting who we send money to, where we send money to, and how long a currency can expire.”
He explained that digital currencies could give governments the power to freeze citizens’ assets or limit spending if citizens “fail to follow arbitrary orders.”
The presidential candidate added:
“Governments that never waste a good crisis will use Covid-19 and the banking crisis to usher in a new wave of CBDCs as a safe haven from germ-laden paper money or as protection against bank crackdowns. Please see the.”
Kennedy is the nephew of President John F. Kennedy and the son of US Attorney General and New York Senator Robert F. Kennedy.
Post-U.S. presidential candidate Robert Kennedy first appeared on CryptoSlate, stating that FedNow is the first step toward banning Bitcoin.
