US Presidential Candidate Robert Kennedy Says FedNow Is First Step To Ban Bitcoin

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US presidential candidate Robert Kennedy Jr. believes the Federal Reserve’s FedNow digital payment system is the government’s first step to ban Bitcoin (BTC).

According to Kennedy, people shouldn’t be blinded by claims that FedNow will initially be limited to interbank transactions. He pointed out that this could be the first step to banning and seizing bitcoin like the Treasury did with gold 90 years ago today in 1933.

The Fed announced that the FedNow payment system would be launched in July. The payment system is designed to allow bill payments, money transfers and other activities to occur faster and at lower cost.

Several crypto stakeholders pointed out that the move could be the way for governments to compete with the industry.

Meanwhile, the recent US government crackdown on the crypto industry has been described as a chokepoint 2.0 operation. Law firm Cooper & Kirk said the covert crypto war was illegal, unconstitutional and arbitrary.

Kennedy highlights the dangers of CBDCs

The Democrat likened FedNow to a central bank digital currency (CBDC), pointing out several dangers it portends for US citizens.

According to Kennedy Jr., CBDCs grease the slippery slope to financial slavery and political tyranny. He noted that the government could use this digital currency to monitor all of our private financial affairs.

The central bank will have the power to impose dollar limits on our transactions, limiting where you can send money, where you can spend it, and when the money expires.

He explained that digital currency could give the government the power to freeze citizens’ assets or even limit their spending when they fail to comply with arbitrary dictates.

The presidential candidate added:

Watch governments, who 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 protection against bank runs.

Kennedy is a nephew of President John F. Kennedy and the son of United States Attorney General and Senator from New York, Robert F. Kennedy.

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