RFK Jr. joins DeSantis in opposing CBDCs as 2024 presidential campaigns take shape

AP Photo/Hans Pennink, File

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As potential 2024 presidential candidates refine their platforms, Robert F. Kennedy Jr. has recently expressed opposition to Central Bank Digital Currencies (CBDCs), echoing Florida Governor Ron DeSantis' concerns.

Kennedy, who has filed papers to run as a Democrat, warned on Twitter that CBDCs could contribute to a "slippery slope to financial slavery and political tyranny."

Kennedy's and DeSantis' comments reflect bipartisan worries about CBDCs, with some lawmakers arguing they pose a threat to financial privacy rights and could potentially restrict everyday purchases.

The Fed just announced it will introduce its “FedNow” Central Bank Digital Currency (CBDC) in July. CBDCs grease the slippery slope to financial slavery and political tyranny.

While cash transactions are anonymous, a #CBDC will allow the government to surveil all our private…

— Robert F. Kennedy Jr (@RobertKennedyJr) April 5, 2023

Kennedy tweeted, "A CBDC tied to [a] digital ID and social credit score will allow the government to freeze your assets or limit your spending." He added that CBDCs would enable government surveillance of private financial affairs, unlike anonymous cash transactions.

However, the Federal Reserve clarified that its upcoming FedNow payments service, set to launch in July, is not a CBDC and won't replace cash. FedNow is a payment service for banks and credit unions to transfer funds, not a form of currency.

CBDCs, similar to stablecoins, are digital assets pegged to sovereign currencies like the U.S. dollar. However, CBDCs are issued and managed by governments or central banks, while stablecoins are issued by private companies on decentralized networks.

The Fed has stated that it will not release a retail CBDC without congressional approval and the support of the executive branch. Despite a job posting for CBDC designers and developers by the Federal Reserve Bank of San Francisco, the Fed has not made a decision on issuing a CBDC.

Kennedy's concerns align with Florida Governor Ron DeSantis', who criticized CBDCs last month and proposed a ban on CBDCs in Florida. The technology has also faced criticism from figures like whistleblower Edward Snowden and Republican lawmakers such as House Majority Whip Tom Emmer and South Dakota Governor Kristi Noem.