With such a meteoric rise, an opportunity was given to the US to step up and show leadership in the global financial system by finding a way to stay on the cusp of digital currency evolution while protecting consumers, businesses, and the broader financial system. Thus came into being order #14067, “Ensuring Responsible Development of Digital Assets,” signed on March 9, otherwise known as President Biden’s executive order on crypto. In this line, James Rickards, former advisor to the Pentagon, the White House, Congress, the CIA, and the Department of Defense, joined the author of the personal finance book ‘Rich Dad, Poor Dad’ Robert Kiyosaki on The Rich Dad podcast on September 7, to discuss the order labeling it as ‘spyware.’ Kiyosaki labeled this scenario akin to a dystopian-sounding future like out of George Orwell’s 1984 novel:
It’s not online banking
Rickard’s worries regarding the executive order revolve around the ‘hidden agenda’ behind it, which according to him, is accelerating the move toward the central bank digital currencies (CBDCs), which Kiyosaki himself had earlier slammed as ’spyware.’ In essence, the worry is that a central bank digital currency, besides making the transactions possibly cheaper and faster, will usher in a scenario akin to the world in Orwell’s book ‘1984’, where a ‘Big Brother’ would hold the reins of finances and decisions people made in their lives. It is hard to argue that a tracking mechanism won’t be built into the central digital currency; on the other hand, it is hard to predict an Orwellian conclusion to the entire saga. Oversight and legislation regarding digital currencies don’t necessarily have to be a bad thing, but time will tell how it plays out in the end. Buy stocks now with Interactive Brokers – the most advanced investment platform Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
