Entrepreneur Vivek Ramaswamy on Wednesday expressed concerns regarding the potential risks that a Central Bank Digital Currency (CBDC) could pose to personal financial liberty.
What Happened: He fears that a digital dollar would grant the government excessive power to target dissenting individuals by freezing their assets, drawing parallels to incidents in China and the treatment of Canadian truckers involved in the Freedom Convoy, he said during an interview with Bloomberg Television.
Ramaswamy said, “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.”
This comes after a fourth-place finish in the Iowa caucuses, Ramaswamy called off his campaign for the Republican presidential nomination and announced his intention to endorse former President Donald Trump.
Ramaswamy shared his interactions with Trump, praising him for his openness and his subsequent public rejection of a CBDC. As per Ramaswamy, “I explained that to Donald Trump and I give him a lot of credit for being intellectually open. […] A few nights later, I saw him mention that and again last night, when he and I were at that rally together, came out strongly in favor of what I believe is the right answer, which is to oppose the creation of a central bank digital currency.”
Why It Matters: Earlier this week, Trump reiterated his opposition to the development of CBDCs during a rally in Laconia, New Hampshire. Speaking to the crowd, Trump said, “Vivek wanted this: I will never allow the creation of a Central Bank Digital Currency.”
Last week, during a campaign stop in New Hampshire, Trump made clear his opposition to the United States adopting a CBDC, emphasizing his commitment to protecting individual financial freedom.
Price Action: At the time of writing, Bitcoin BTC/USD was trading at $40,118 up 0.22% in the last 24 hours, according to Benzinga Pro.
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