No matter what side of the aisle you are on or what your belief is for the future of cryptocurrencies are, it is easy to see what Kennedy’s belief is when he posted this tweet on April 5, 2023:
“The Fed just announced it will introduce its “FedNow” Central Bank Digital Currency (CBDC) in July. CBDCs grease the slippery slope to financial slavery and political tyranny. While cash transactions are anonymous, a #CBDC will all the government to surveil all our private financial affairs. The central bank will have the power to enforce dollar limits on our transactions restricting where you can send money, where you can spend it, and when money expires. A CBDC tied to digital ID and social credit score will allow the government to freeze your assets or limit your spending to approved vendors if you fail to comply with arbitrary diktats, i.e. vaccine mandates. The Fed will initially limit its CBDC to interbank transactions but we should not be blind to the obvious danger that is the first step in banning and seizing bitcoin as the Treasury did with gold 90 years ago today in 1933. Watch as governments, which never let a good crisis go to waste, use Covid-19 and the banking crisis to usher in a new wave of CBDCs as a safe haven from germ-laden paper currencies or as a protection against bank runs.”
Kennedy continued by saying, “The claim that FedNow is not the first step toward a CBDC would be more easily digestible were we not aware of the Biden administration’s steady barrage of hostile attacks to discredit, block access to, and against opposing cryptocurrencies.”
Kennedy goes on to state that there is evidence Biden administration is attacking the non-bank issued crypto’s to destroy their usability for when the Fed releases its own, it will be the only one that can truly transact on day-to-day purchases, replacing the US dollar, dropping the dollar as a currency of the past.
“The White House has organized bankers to participate in a sophisticated, widespread crackdown to destroy the crypto industry. Carter describes 15 incidents where President Biden has weaponized FDIC, OCC + DOJ to force crypto-friendly banks to close their doors to crypto firms since Dec. 3. The recent crackdown on crypto blocks exit ramps, removes alternative rails, and strengthens government control over both the financial and political systems.”
Balaji S. Srinivasan, the co-founder of Counsyl and the former Chief Technology Officer of Coinbase, says, “The distinction between FedNow and a CBDC is important from a technical standpoint, but not from a civil liberties standpoint.”
FedNow has evolved to elude detection by changing its sequence without actually altering its purpose, according to Balaji.
The new Federal Reserve transaction system, known as FedNow, opened a few weeks ago. It is available twenty-four hours a day, seven days a week, just like cryptocurrency platforms do now.
The Fed-issued, central bank-held crypto-dollar, also known as CBDC or Central Bank Digital Currency, would be supported by this system.