Several presidential candidates have taken a strong stance against CBDCs. Vivek Ramaswamy recently put forth his anti-CBDC viewpoint. In a video clip uploaded on X [formerly Twitter] today, Ramaswamy said,
“I’m an opponent to Central Bank Digital Currencies, which I think are a grave threat to liberty in this country.”
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China is Adopting CBDC, The U.S. Shouldn’t: Ramaswamy
Several nations across the world have been making major strides in this field. The U.S. has also jumped on the bandwagon. Ramaswamy pointed out that China is adopting CBDCS to curb people’s freedom. As a result, the U.S. should not follow suit. Specifically, he said,
“Precisely, for the reasons that the CCP [Chinese Communist Party] wants to adopt it, that is exactly why we in the United States shouldn’t.”
Other figures from the U.S. are on the same page as Ramaswamy. Congressman Warren Davidson recently called for the ban of CBDCs. He said that the Federal Reserve is building the financial equivalent of the “Death Star.” According to him, CBDCs corrupt money into a tool for coercion and control. Davidson added that Congress must swiftly ban CBDCs and criminalize efforts to design, build, develop, test, or establish a digital version of the dollar. In the video, even Ramaswamy claimed that the Federal Reserve has been a “bad actor” for the past 25 years.
That being said, Fed Governor Michelle Bowman has expressed skepticism with respect to CBDCs in the past. A couple of months ago, she pointed out that CBDCs could intrude on the privacy of users and harm the banking system. She added,
“The risk that a CBDC would provide not only a window into, but potentially an impediment to, the freedom Americans enjoy in choosing how money and resources are used and invested.”
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