Biden

Bank AI

President Donald Trump

Donald Trump

<p class="is-style-lead"><a href="https://crypto.news/vivek-ramaswamy-slams-gary-gensler-sec-over-ineffective-crypto-rules/">Vivek Ramaswamy</a>, an ally of former President Donald Trump and one-time Republican presidential candidate, labeled the prospective digital dollar — Central Bank Digital Currency (<a href="https://crypto.news/us-cbdc-debate-heats-up-amid-elections-does-the-country-need-a-digital-dollar/">CBDC</a>) — as a threat to individual liberty. </p> 
<h2 class="wp-block-heading" id="ramaswamy-and-trump-s-stand">Ramaswamy and Trump’s Stand</h2> 
<p>Ramaswamy, who earlier this month suspended his 2024 Presidential campaign and endorsed Trump, shared his apprehensions about CBDC in an interview with Bloomberg.</p> 
<p>“A central bank digital currency, I believe, is a threat to liberty in this country because it creates a mechanism for the government to be able to wipe out your bank account or wipe out your dollars if you say or do something that the government disapproves of,” Ramaswamy says.</p> 
<p>See below.</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="Ramaswamy Says Digital Dollar Is a Threat to Liberty" width="1020" height="574" src="https://www.youtube.com/embed/qJzXC2whOYQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div>
</figure> 
<p>Beyond his stance on CBDCs, Ramaswamy favors a substantial reduction in the scope and size of federal agencies such as the U.S. Securities and Exchange Commission (SEC).</p> 
<p>Ramaswamy’s advocacy extends to the crypto sphere, as seen in his December <a href="https://crypto.news/vivek-ramaswamy-slams-gary-gensler-sec-over-ineffective-crypto-rules/">criticism</a> of Gary Gensler, SEC Chairman, for what he perceives as ineffective crypto regulations.</p> 
<p>In contrast to the narrative linking Bitcoin and digital assets to criminal activities, Ramaswamy asserts that Bitcoin provides an alternative to America’s “broken financial architecture.” He argues that embracing crypto aligns with policies that bolster economic freedom in the U.S.</p> 
<p>Ramaswamy also made unsubstantiated corruption claims <a href="https://www.ft.com/content/e456d3dd-051c-4ce5-a4b7-d866c2294a46" data-type="link" data-id="https://www.ft.com/content/e456d3dd-051c-4ce5-a4b7-d866c2294a46" target="_blank" rel="noopener">against</a> the Food and Drug Administration (FDA). The comments caused Roivant, a biotech company he founded, to distance itself from the presidential hopeful. </p> 
<p> You might also like: <a href="https://crypto.news/bitcoin-supporter-ramaswamy-quits-us-presidential-race/"> Bitcoin supporter Ramaswamy quits US presidential race </a> </p> 
<p>When questioned about potential incentives for illegal activities through legitimizing the crypto industry, Ramaswamy points to flaws in existing policies and the historical misuse of traditional financial systems by criminals. </p> 
<p>He specifically called out SEC Chair Gary Gensler, criticizing the regulatory body’s handling of cases like crypto exchange FTX and highlighting Gensler’s refusal to clarify Ethereum’s regulatory status.</p> 
<h2 class="wp-block-heading" id="trump-s-view">Trump’s view</h2> 
<p>At a recent <a href="https://crypto.news/trump-bashes-cbdcs-again-cites-pro-crypto-candidate/">rally</a> in Laconia, New Hampshire, Trump reiterated his opposition to CBDCs, aligning with Ramaswamy’s stance. </p> 
<p>The GOP front-runner stated he that he will never allow the creation of a Central Bank Digital Currency.</p> 
<p>Trump has already profited from non-fungible tokens (<a href="https://crypto.news/gamestop-shuts-down-nft-marketplace-regulatory-worries/">NFTs</a>), but stated that he was “not a fan of Bitcoin,” calling it “highly volatile and based on thin air.”</p> 
<p>On the Democratic front, Robert F. Kennedy Jr. has also raised <a href="https://bitcoinmagazine.com/culture/rfk-jr-the-bitcoin-magazine-interview" target="_blank" rel="noopener">reservations</a> about CBDCs, warning of their potential as tools for social surveillance and control due to the lack of anonymity associated with digital currencies. </p> 
<p>In contrast, President Joe Biden has taken a cautious but somewhat forward-looking approach towards CBDCs. His April 2022 Executive Order #14067 <a href="https://www.whitehouse.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/" data-type="link" data-id="https://www.whitehouse.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/" target="_blank" rel="noopener">authorizes</a> the Fed to assess the risks and opportunities of digital assets, including a U.S. CBDC.</p> 
<h2 class="wp-block-heading" id="spain-s-cbdc-pilot">Spain’s CBDC pilot</h2> 
<p>While the U.S. deliberates, Spain’s central bank, Banco de España, moves forward with its <a href="https://crypto.news/bank-of-spain-announces-collaborators-for-cbdc-pilot-program/">exploration</a> of CBDCs. Collaborating with Cecabank, Abanca, and Adhara Blockchain in a six-month pilot, Spain aims to simulate interbank payment processing and settlement using tokenized wholesale CBDCs.</p> 
<p>Adhara Blockchain, an international collaborator headquartered in the UK, adds a global dimension to this Spanish initiative. The focus remains on testing the feasibility of a single tokenized wholesale CBDC and facilitating the exchange of such CBDCs among various central banks. The experiment also involves settling a simulated tokenized bond using the wholesale CBDC.</p> 
<p> Read more: <a href="https://crypto.news/btc-and-cbdcs-have-potential-to-de-dollarize-world-says-morgan-stanley/"> BTC and CBDCs have potential to ‘de-dollarize’ world, says Morgan Stanley </a> </p>

‘CBDC is a threat to liberty,’ says former GOP candidate Vivek Ramaswamy

Table of Contents

crypto.news

Other articles published on Jan 27, 2024

Coinbase Stock Faces Turbulence Amid SEC Scrutiny and Bitcoin Price Swings

Key Requirements For Spot XRP ETF Approval Revealed Amidst 4500% Price Surge Target

Deciphering the Growth Trajectory of Altcoins in the Current Cycle

LDO to end January on a positive note, details here

Bitcoin Price Prediction: Top Analyst Says BTC To ”Go Ballistic” After Hitting $49K As This Bitco...

TDeFi's Strategic Expansion Sees the Firm Embrace Racer Club and Klink Finance (27 Jan)

Join our free newsletter for daily crypto updates!