Numerous individuals running for the presidency have expressed firm opposition to Central Bank Digital Currencies (CBDCs). Vivek Ramaswamy, in a recent statement, presented his perspective against Central Bank Digital Currencies. In a video segment shared on X (formerly known as Twitter) earlier today, Ramaswamy conveyed, “I hold a negative stance towards Central Bank Digital Currencies, as I believe they pose a significant risk to the freedom and liberties within our nation.”
CBDCs: China’s Choice, America’s Dilemma – Vivek Ramaswamy’s Opinion
Numerous countries around the globe have been making significant advancements in this realm, and the United States has also joined this trend. Ramaswamy highlighted that China’s adoption of CBDCs is aimed at restricting individual freedoms. Consequently, he argues against the U.S. following the same path. Specifically, he remarked,
“The exact reasons the Chinese Communist Party (CCP) aims to implement CBDCs are precisely why the United States should refrain.”
Other prominent figures in the U.S. share Ramaswamy’s viewpoint. Congressman Warren Davidson recently advocated for a prohibition on Central Bank Digital Currencies, likening the Federal Reserve’s actions to constructing a financial equivalent of the “Death Star.” Davidson believes that CBDCs transform money into a tool for manipulation and authority. He called for swift legislative action to outlaw CBDCs and criminalize any efforts to develop or establish a digital dollar. In the video, Ramaswamy also criticized the Federal Reserve, describing it as a “negative actor” over the past 25 years.
However, Federal Reserve Governor Michelle Bowman has expressed reservations about CBDCs in the past. A couple of months ago, she raised concerns that Central Bank Digital Currencies could encroach on users’ privacy and disrupt the stability of the banking system. She further stated,
“The potential risk of a CBDC goes beyond just observation and could potentially hinder the freedom that Americans currently have in determining the allocation and utilization of money and resources.”
(Note: “CCP” has been used to abbreviate “Chinese Communist Party” for conciseness.)