US Presidential candidate Vivek Ramaswamy says no to CBDCs, here’s why

US Presidential candidate Vivek Ramaswamy says no to CBDCs, here’s why

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  • December 3, 2023
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US Republican presidential candidate Vivek Ramaswamy, in a recent X post, expressed his strong views on Central Bank Digital Currencies (CBDCs), adding that it opens a clear path to social credit scoring.

“I have a one-word answer to central bank digital currencies: NO. Central bank digital currencies open a clear path to social credit scoring. No surprise that the CCP is leading the way,” Ramaswamy said in his X post.

Furthermore, he added his take on stabilizing the dollar. “January 2025, it would be kibosh in the Fed now programme. While we’re at it, we’re talking about a 90% headcount reduction of the US Fed Reserve. Peg the dollar to command gold, nickel and agricultural commodities. CBDC, we’re done with it. Don’t copy China. We’re different for a reason,” he added.

The presidential candidate has lately been vocal about his plans on stabilising the US Dollar by proposing linking the currency to a diversified basket of commodities, suggesting that Bitcoin might be included in this mix in the “foreseeable future.” Simultaneously, he expressed opposition to the creation of a Central Bank Digital Currency (CBDC) in the United States.

Ramaswamy expressed his intention to reposition the U.S. Federal Reserve, advocating for a substantial reduction of its workforce by 90%. His vision emphasizes a more streamlined mandate, with the primary focus on stabilizing the value of the dollar.

He noted that “it could be reasonable” to include Bitcoin in such a basket once the asset has been broadly accepted and its volatility is more in line with the larger basket of commodities. 

The candidate subsequently articulated the perspective that the value of the dollar should be linked to tangible assets, potentially encompassing cryptocurrencies among them.

In a recent podcast, he said that the allure of the dollar as a global reserve currency is heightened when it avoids emulating China’s digital yuan, which empowers the government to penalize dissenters. 

Emphasizing his commitment, he stated his intent to terminate the FedNow instant payments program, asserting that it is establishing the foundation for the eventual implementation of a central bank digital currency.

 

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Updated: 03 Dec 2023, 01:49 PM IST

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