US presidential candidate Robert Kennedy Jr. sees the Federal Reserve’s FedNow digital cost system as the federal government’s first step towards banning Bitcoin (BTC).
Kennedy stated individuals should not be blindsided by claims that FedNow will initially be restricted to interbank transactions. He emphasised that this might be “step one in banning and confiscating bitcoins just like the Treasury did with gold 90 years in the past at the moment in 1933.”
The Fed introduced that the FedNow cost system will likely be launched in July. The cost system is designed to make invoice funds, cash transfers and different actions quicker and at a decrease value.
A number of cryptocurrency stakeholders indicated that the transfer might be the federal government’s means of competing with the trade.
In the meantime, the US authorities’s current crackdown on the cryptocurrency trade has been described as “Operation Chokepoint 2.0.” Regulation agency Cooper & Kirk stated the “backdoor battle on cryptocurrency” was unlawful, unconstitutional and arbitrary.
Kennedy highlights the hazards of CBDC
The Democrat likened FedNow to a central financial institution digital foreign money (CBDC), highlighting a number of dangers it poses to US residents.
In response to Kennedy Jr., the CBDC greases the slippery slope of monetary slavery and political tyranny. He famous that the federal government might use this digital foreign money to “maintain all our private monetary affairs.”
“The central financial institution can have the facility to place limits on our transaction {dollars}, limiting the place you possibly can ship cash, the place you possibly can spend it and when the cash expires.”
He defined that the digital foreign money might give the federal government the facility to freeze residents’ belongings and even restrict their spending after they do not observe an “arbitrary dictate.”
The presidential candidate added:
“Watch how governments, by no means one to let an excellent disaster go to waste, use COVID-19 and the banking disaster to introduce a brand new wave of CBDCs as a secure haven from bacteria-ridden fiat currencies or as a hedge towards financial institution runs.”
Kennedy is the nephew of President John F. Kennedy and the son of U.S. Lawyer Common and New York Senator Robert F. Kennedy.
US Presidential Candidate Robert Kennedy Says FedNow Is First Step To Ban Bitcoin appeared first on seethereality.
