News
  • Qadir AK
    author-profile

    Qadir AK right arrow

    Author

    Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

    • author facebook
    • author twitter
    • linkedin

  • 2 minutes read

Robert Kiyosaki Bashes The Executive Order On Cryptos, Calls it “Spyware”

On March 9, 2022, joe biden , President of the United States signed an Executive Order establishing the governmentโ€™s plan to regulate cryptocurrencies.

Over the past few years, digital assets such as cryptocurrencies have seen explosive growth, even climbing past the $3 trillion market cap in November 2021. As per estimations, roughly 40 million people have invested, traded, or used cryptocurrencies in general.

With levels of such immense escalation, the US took the chance to step up and lead the global financial system by finding a way to stay on the cusp of the digital currency evolution while protecting consumers, businesses, and the broader financial system. Hence, Order #14067, โ€œEnsuring Responsible Development of Digital Assets,โ€ also known as President Bidenโ€™s executive order on crypto, was executed.

In this context, on September 7, 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 โ€˜Rich Dad, Poor Dadโ€™ Robert Kiyosaki on The Rich Dad podcast, to discuss the order, calling it โ€˜spyware.โ€™

โ€œThis would dramatically expand the power and influence of the federal government <โ€ฆ> essentially acting as a new type of โ€œspyware.โ€

R. Kiyosaki went on to compare this order to a dystopian-sounding future like George Orwellโ€™s 1984 novel:

 โ€œJim this is like George Orwellโ€™s Big Brother is watching, on steroids.โ€

Rickardโ€™s worries have emerged because of the โ€˜hidden agendaโ€™ behind the executive order. According to him, the orderโ€™s agenda is accelerating the move toward the central bank digital currencies (CBDCs), which Kiyosaki earlier tagged as โ€˜spyware.โ€™

Rickardโ€™s said, โ€œThis is why weโ€™re sounding the alarm a little bit on executive order 14067. Once itโ€™s digital <โ€ฆ> now theyโ€™re going to know what youโ€™re buying. Because every product has an SKU โ€“ stock keeping unit code. With it, with a QR scan digital scan, they would know what youโ€™re buying uh, and this digital currency is programmable meaning they can block certain purchases or not.โ€

The main matter of concern is that a central bank digital currency, in addition to making the transactions possibly cheaper and faster, will give rise to a scenario similar to the world in Orwellโ€™s book โ€˜1984โ€™, where a โ€˜Big Brotherโ€™ would hold the reins of finances and control decisions people made in their lives.

It is hard to debate that a tracking mechanism wonโ€™t be built into the central digital currency. On the other hand, it is difficult to predict an Orwellian relation to the entire saga.

In general, oversight and legislation regarding digital currencies donโ€™t necessarily have to be a negative thing. Time will tell how it plays out in the end.

The Executive Order of March 9

As per an official statement issued on March 9 by the White House, the government planned to lay out the first strategy to protect consumers, financial stability, and national security, and address climate hazards.

The statement declared that:

โ€œPresident Biden will sign an Executive Order outlining the first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.โ€

Additionally, the White House announced in the press release:

โ€œThe Order lays out a national policy for digital assets across six key priorities: consumer and investor protection; financial stability; illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation.โ€

Show More

Related Articles

Back to top button