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Robert Kennedy Jr. — a presidential candidate in the US — believes the Federal Reserve’s digital funds system “FedNow” is the federal government’s first step to banning Bitcoin (BTC).
In line with Kennedy, individuals shouldn’t be blinded by claims that FedNow can be initially restricted to interbank transactions. He identified that this may very well be “step one in banning and seizing bitcoin because the Treasury did with gold 90 years in the past at this time in 1933.”
The Fed introduced that the FedNow fee system can be launched in July. The fee system is designed to permit invoice funds, cash transfers, and different actions to maneuver quicker and at a decrease price.
A number of crypto stakeholders have identified that this transfer may very well be the federal government’s approach of competing in opposition to the trade.
In the meantime, the U.S. authorities’s latest crackdown on the crypto trade has been described as “operation chokepoint 2.0.” Regulation agency Cooper & Kirk mentioned the “backroom warfare on crypto” was illegal, unconstitutional, and arbitrary.
Kennedy highlights the hazards of CBDCs
The Democrat equated the FedNow to a Central Financial institution Digital Foreign money (CBDC), highlighting a number of risks that this portends for U.S. residents.
In line with Kennedy Jr., CBDCs grease the slippery slope to monetary slavery and political tyranny. He famous that the federal government may use this digital forex to “surveil all our non-public monetary affairs.”
“The central financial institution can have the ability to implement greenback limits on our transactions limiting the place you possibly can ship cash, the place you possibly can spend it, and when cash expires.”
He defined that the digital forex may give the federal government energy to freeze residents’ belongings and even restrict their spending once they fail to “to adjust to arbitrary diktats.”
The presidential candidate added:
“Watch as governments, which by no means let an excellent disaster go to waste, use Covid-19 and the banking disaster to usher in a brand new wave of CBDCs as a protected haven from germ-laden paper currencies or as safety in opposition to financial institution runs.”
Kennedy is a nephew of President John F. Kennedy and the son of the U.S. legal professional common and New York Senator Robert F. Kennedy.
The submit US presidential candidate Robert Kennedy says FedNow is first step to banning Bitcoin appeared first on CryptoSlate.
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