US presidential candidate says cryptocurrency dollar will cause financial slavery

US presidential candidate Robert F. Kennedy Jr, the nephew of President John F. Kennedy, said that the cryptocurrency dollar will cause financial slavery. The politician fears that the US government will confiscate BTC from Americans after the launch of the digital dollar.

According to Kennedy, as the development of CBDC gains momentum in the United States, a number of problems with the introduction of the central bank’s digital currency appear. He reminded that the Federal Reserve System (Fed) has already announced that it will introduce its digital currency, FedNow (CBDC), in July. «CBDC is a slippery slope to financial slavery and political tyranny,» Kennedy said.

With the help of the digital national currency, the US government will be able to monitor all the finances of any American, the politician said. Moreover, the Central Bank will have the right to set dollar limits on citizens' transactions and restrict where and to whom they send money. «A CBDC tied to a digital ID and social credit score will allow the government to freeze your assets or limit your spending to approved vendors if you don’t listen to arbitrary dictates ,» the presidential candidate said.

Initially, Kennedy believes that the Fed will limit CBDC to interbank transactions. However, the agency may later confiscate bitcoins from citizens. «Governments, which never let a crisis go to waste, are using Covid-19 and the banking crisis to present CBDC as a 'safe haven' from germ-infested paper currencies,» the politician concluded.

In addition to Kennedy, U.S. senators have already expressed dissatisfaction with the CBDC. At the end of March, representatives of the Republican Party in the Senate introduced a bill that would prohibit the Fed and President Joe Biden’s administration from developing the CBDC.