Vivek Ramaswamy, a current Republican candidate for the U.S. presidency, shared his firm opinions on Central Bank Digital Currencies (CBDCs) in a recent post. He emphasized that CBDCs could pave the way for the implementation of social credit scoring.
The presidential candidate has recently been talking openly about his plans to stabilize the US Dollar by tying the currency to a mix of various commodities Bitcoin might become part of this mix in the future but he strongly dismisses the introduction of a digital currency by the Central Bank (CBDC) in the United States.
He mentioned that considering Bitcoin as part of this mix could be reasonable once the cryptocurrency gains broader acceptance and its volatility aligns better with the overall basket of commodities.
He suggested linking the dollar’s value to specific commodities like gold, nickel, and agricultural products. He emphasized moving away from Central Bank Digital Currencies (CBDC), stating that the U.S. should not imitate China but rather maintain its distinct approach for a specific purpose.
Moreover, he shared his perspective on stabilizing the U.S. dollar. He mentioned that in January 2025, there would be a halt to the current Federal Reserve program. In addition, he proposed a significant 90% reduction in the workforce of the U.S. Federal Reserve.
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.
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.
Also Read: RBI Forges Global Alliances for Smoother CBDC Transactions
