- Ron DeSantis and Robert F. Kennedy Jr. remain critical of CBDCs.
- According to Kennedy, the fight against CBDCs is non-partisan.
- By contrast, DeSantis and Kennedy have heaped praise on Bitcoin and cryptocurrencies.
Politicians across the aisle rarely agree on issues, especially when facing off for political office. It is one of the reasons why Democratic presidential candidate Robert F. Kennedy Jr. and Republican presidential candidate Ron DeSantis’ joint opposition to central bank digital currencies (CBDC) has garnered significant attention.
In April, DeSantis and Kennedy had bashed the concept of a CBDC in response to FAQs about FedNow from the Federal Reserve, but their campaigns against the state-backed digital currencies are far from over.
DeSantis & Kennedy Bash CBDCs, Herald Crypto
Speaking at an event on Tuesday, May 2, Florida Governor DeSantis asserted that Florida would have a prohibition against CBDCs should the Federal Reserve decide to create one. He argued that such a restriction would protect citizens from financial surveillance.
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On the other hand, the politician hailed crypto’s resistance to government control during the May 2 event, adding that citizens should be free to decide how they invest their money.
In March, DeSantis proposed a state law to ban CBDCs. Per a Florida Politics report on Wednesday, May 3, the legislature has passed the bill effectively outlawing CBDCs in the state.
DeSantis is not alone in his fight against CBDCs, finding support from a rather unlikely companion. In a lengthy Twitter thread on Friday, May 5, Kennedy, a fellow presidential hopeful on the other side of the aisle, echoed DeSantis’ sentiments adding, “This is not a right- or left-wing issue.”
According to the Democratic candidate, the fight against CBDCs was to protect democracy from “powerful established interests.”
Kennedy argued that citizens should be free to use and store their money without government interference. The Democratic presidential hopeful further highlighted that the digitization of fiat has increasingly limited this freedom, opining that a CBDC would only worsen things.
"I oppose CBDCs, which will vastly magnify the government's power to suffocate dissent by cutting off access to funds with a keystroke," Kennedy asserted.
By contrast, Kennedy praised Bitcoin for allowing people to conduct transactions without the government’s peering eyes.
DeSantis and Kennedy are among the first U.S. presidential candidates to express support for cryptocurrencies openly. As governor of Florida, DeSantis has been responsible for a number of pro-crypto policies, including one to accept Bitcoin for taxes.
On the Flipside
- The Fed is yet to decide on creating a CBDC.
- CBDC proponents say it would significantly cut costs and boost innovation.
Why You Should Care
Several Countries are in varying stages of CBDC development. The concerns raised by DeSantis and Kennedy highlight the potential downsides of the innovation.
To learn more about DeSantis’ and Kennedy’s CBDC concerns, read this:
FedNow is a “Broadside Against Crypto,” Argues Robert F. Kennedy Jr. and Ron DeSantis
Kennedy joins the Bitcoin community to kick against crypto mining tax; read more here:
“Bad Idea”: Biden’s Crypto Tax Bashed by Presidential Candidate
