Robert F. Kennedy Jr., who wants to be President, said there are big risks when it comes to the US government’s new economics system called “Fednow.” He warned that this could lead to people being financially and politically controlled by the government. He also worried that the government could take away bitcoin, just like they did with gold 90 years ago.
Robert F. Kennedy Jr., a lawyer and someone who does not believe in vaccines, tweeted about the Federal Reserve’s upcoming Fednow system and digital currency on Wednesday. He is related to President John F. Kennedy and U.S. Senator Robert F. Kennedy because he is their son and nephew respectively. In his tweet, he wrote that the Fed will create a ‘Fednow’ Central Bank Digital Currency in July this year.
“CBDCs could make it easier for governments to control the economy and everyone living in it.”
The U.S. Federal Reserve has a system called Fednow, which is used to send money instantly. They are also working on something called CBDC that’s different from Fednow; although they have just started experimenting with this project, according to the Fed Chair Jerome Powell.
The government can use something called CBDC (a type of digital money) to watch our financial activities. They will be able to decide how much money we can spend, where and when it expires. Also, if you don’t obey specific rules like a vaccine mandate, the government may freeze your accounts or only let you buy stuff from certain stores.
Kennedy said that the Fed will only allow their new type of money, called a CBDC, for transfers between banks. He warned us not to ignore the fact that this could be like ninety years ago when the US government took away people’s gold.
Governments are using Covid-19 and the banking crisis to introduce Digital Currencies (CBDCs) as a way to stay safe from germs on paper money, or to protect ourselves when banks run out of money. This is what the presidential candidate thinks will happen.
Some people are not happy with the federal government making a new kind of digital money called a “CBDC”. U.S. Representative Tom Emmer made a bill to stop it, Senator Ted Cruz made one too, and Governor Ron Desantis from Florida wrote his own law to keep CBDCs away from his state.
Do you think Robert F. Kennedy Jr. is correct when he speaks about the Fednow and the bad things that might happen if the government issues its own type of money called a CBDC? Let us know what you think in the comments section!