The digital dollar is “the most treacherous act in history”, according to the author.
Known worldwide for his work “Rich Dad, Poor Dad”, Robert Kiyosaki harshly criticized the intentions of the Biden administration in relation to the digital dollar.
In addition to being the author of one of the best-known books on personal finance, the businessman is known in the crypto world for his praise of Bitcoin (BTC) and his criticism of the traditional financial system.
In recent months, Kiyosaki has claimed that a major economic downturn could hit major global economies, noting that the world’s largest cryptocurrency could be used as a store-of-value asset in a potential crisis. However, the Hawaiian seems now to be more concerned about the advance of the digital dollar in the United States.
The Potential Problems of the Digital Dollar
Through his Twitter, Kiyosaki claims that the current discussions about the future digital currency of the United States Central Bank (CBDC) are “communism in its purest form”. The writer urges his followers to be attentive to the issue, as he said that Executive Decree 14067 would be “the most treacherous act in the history” of the country.
The order to which the businessman refers was signed by President Joe Biden in March this year and aims to establish guidelines regarding the crypto industry as a whole. However, the text also addresses issues related to the future digital version of the dollar.
Kiyosaki’s post on Twitter reads like this, “Jim Rickards made his most important announcement today. It’s about the most treasonous act in US history Biden’s Executive Order 14067. It’s communism in its purest form, the creation of CBDC Central Bank Digital Currency. Stay awake. Tune in to Rickards. Tune out Biden Take care.”
According to the text, the White House administration wants to increase its research efforts to find the best ways to develop and implement a CBDC. In fact, various government institutions are conducting their research on the subject, such as the Federal Reserve (FED) and the Treasury Department.
Issues Regarding the Executive Decree
The executive decree highlights that the digital dollar can improve efficiency and lower transaction costs, in addition to providing the population with greater access to the country’s financial system. The text further notes that upholding “democratic values, including privacy protections” is a top priority for the Biden administration regarding the asset.
However, Kiyosaki, like other investors and citizens, seems skeptical about it, believing that the digital dollar can give the government a way to have total supervision and control over the finances of its people.
Unlike decentralized cryptocurrencies, the government would have full control over the asset, being able to access the movement history of any user, as well as being able to prohibit individuals from accessing or using their finances in some cases.
It is worth remembering that earlier this year, the Canadian government froze the bank and exchange accounts of some citizens involved in protests against the local government, a measure considered dictatorial by some people.
With a CBDC, actions like this would be easier to implement. Interestingly, American politicians and institutions seem to have Kiyosaki’s opinion on China’s CBDC, the digital yuan.
By Audy Castaneda
