U.S. Republican presidential candidate Vivek Ramaswamy has voiced strong opposition to Central Bank Digital Currencies (CBDCs), emphasizing the risks they pose to individual freedoms and privacy.
In a recent social media post, Ramaswamy firmly rejected the idea of CBDCs, suggesting they pave the way for social credit systems, a concept led by the Chinese Communist Party (CCP).
“Central bank digital currencies open a clear path to social credit scoring,” Ramaswamy declared, reflecting a growing global debate over the impact of digital currencies on societal norms.
In addition to his critique of CBDCs, Ramaswamy outlined his strategy for stabilizing the U.S. dollar. His plan involves discontinuing the Federal Reserve’s FedNow program in January 2025 and significantly reducing the Federal Reserve’s workforce by 90%.
This proposal aligns with his broader vision of a leaner, more efficient Federal Reserve focused primarily on maintaining the dollar’s stability. Ramaswamy’s economic strategy also includes pegging the U.S. dollar to a basket of diverse commodities such as gold, nickel, and agricultural products.
He argues that this approach will differentiate the U.S. from China’s economic policies and preserve the nation’s unique economic principles.
Furthermore, the presidential hopeful considers the inclusion of Bitcoin in the basket of commodities for stabilizing the dollar.
He suggests that Bitcoin might be a viable addition once its acceptance broadens and its volatility aligns more closely with other commodities.
During a recent podcast, Ramaswamy emphasized the importance of maintaining the dollar’s status as a global reserve currency. He argued that this status is strengthened by not emulating China’s digital yuan, which, according to him, grants the Chinese government excessive power over its citizens.
This stance against CBDCs and for a commodities-linked dollar forms a central pillar of Ramaswamy’s economic policy as he positions himself in the upcoming U.S. presidential race.