Robert F. Kennedy Jr., a presidential candidate, has given a warning about the Federal Reserve’s new digital money system called Fednow and how it might lead to financial and political control over people if not taken care of correctly. He has also warned that this could be the first step in the government taking away bitcoin – which is like gold – just like they did 90 years ago.
Robert F. Kennedy Jr., a lawyer who doesn’t trust vaccines, was really mad about something the Federal Reserve is doing. He is the son of U.S. Senator Robert F. Kennedy and nephew to President John F. Kennedy, so he’s related to some famous people! On Wednesday, he posted on Twitter and said that in July the Federal Reserve will launch their “Fednow” Digital Currency system. In other words, they’re planning on turning money into virtual coins!
“CBDCs could cause some serious problems like financial hardship and political control.”
Fednow is a system the Federal Reserve uses to handle money quickly. But the Fed’s CBDC development is separate from that, and their Chairman, Jerome Powell, said recently they are still trying it out.
“When you use cash, nobody knows what you are spending it on. However, if the government introduces a new form of money called ‘central bank digital currency’ (CBDC), they will be able to track all your financial transactions. This means they can decide how much money you can send and spend, as well as when your money runs out. Plus, if you don’t do what the government tells you to do – like getting a vaccine – the central bank can block your access to your own cash or only let you spend at certain stores.”
A person named Kennedy said that the Fed (an important organization) will only allow its digital currency to be used for certain bank transactions. He warned that the government might try to do what it did with gold 90 years ago which is taking people’s gold away without them knowing.
Governments are using the Covid-19 pandemic and banking crisis to introduce Central Bank Digital Currencies (CBDCs) as an alternative to paper money we have now. CBDCs might help protect us from diseases carried by paper money or make it easier if banks have troubles. The presidential candidate said this in conclusion.
Tom Emmer, Ted Cruz and Ron Desantis have all said to not let the government launch a CBDC. Tom Emmer made a law in February telling us not to do it, Ted Cruz asked the Federal Reserve not to make one, and Ron Desantis is trying to stop people from using CBDCs as money in his state.
What do think about Robert F. Kennedy Jr’s idea of Fednow and the dangers of having a government-run CBDC? Tell us in the comments section!