Presidential elections are coming up in the US next year, and with crypto and Web 3 on the rise, all presidential candidates can’t escape it: more and more voters in the US are investing in crypto and will get it in a way. Electoral exam in crypto policy account. One of the presidential candidates, Robert Kennedy Jr., expressed his criticism yesterday Central Bank Digital Currencies (CBDCs) and let it be known that he favors Bitcoin (BTC).
Review of CBDCs
In a way Thread On Twitter, Joe Biden’s potential successor said that in his view, the digitization of currencies has already given the government unprecedented powers to monitor and control economic life. He believes that CBDCs will further increase this governmental power.
Kennedy highlighted how governments without a CBDC have already censored their political opponents. This often happens in authoritarian regimes, but also in Western countries. He was referring to a situation where the government froze the bank accounts of more than 200 people who protested the vaccine mandate in Canada earlier this year. According to Kennedy, this example illustrates that this can also happen in the United States.
However, the presidential candidate’s stance on CBDCs comes as no surprise, as he once described them as a tool of “financial slavery and political tyranny.”
Kennedy additionally expressed his support for Bitcoin because it allows people to transact without government intervention. He further described the king of cryptocurrencies as a “lifesaver for people’s movements around the world.”
Because of Bitcoin’s decentralized nature, unlike CBDCs, it is politically neutral and censorship-resistant money. Everyone can participate in the network and no one can block or reject transactions from the blockchain.
With CBDCs, the central bank is in control to influence the quantity of money and program the money.
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