Why US Presidential Candidate Vivek Ramaswamy’s Reject CBDC

Vivek Ramaswamy, GOP presidential candidate, opposes CBDCs and advocates tying USD to commodities like gold, nickel, and agri products.
Why US Presidential Candidate Vivek Ramaswamy's Reject CBDC

In a recent post, Republican presidential candidate Vivek Ramaswamy expressed his strong views on Central Bank Digital Currencies (CBDCs). He underlined that the introduction of social credit scoring might be facilitated by CBDCs.

Recently, the presidential contender has been discussing in public his intentions to connect the US dollar to a variety of commodities in order to stabilize the value of the currency. Although he vehemently rejects the Central Bank of the United States’ (CBDC) adoption of a digital currency, Bitcoin may eventually find its way into this mix.

He said that as Bitcoin becomes more widely accepted and its volatility better matches the whole basket of commodities, it would make sense to include it in this mix. He proposed tying the value of the dollar to particular commodities, such as nickel, gold, and agricultural goods. He underlined abandoning Central Bank Digital Currencies (CBDC), saying that the United States should stick to its unique strategy for a particular goal rather than copying China.

Ramaswamy wants to drastically cut the U.S. Federal Reserve’s workforce by 90% as part of his reform efforts.

In addition, he offered his thoughts on keeping the US dollar stable. He stated that the existing Federal Reserve scheme would end in January 2025. Furthermore, he suggested a substantial 90% cutback in the U.S. Federal Reserve’s employment.

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