Author Robert Kiyosaki has warned that the launch of “dystopian” CBDCs will allow the federal government to track all our purchases.
Kiyosaki, who wrote the best seller Rich Dad Poor Dad cautioned that CBDCs would open the door for an unprecedented level of surveillance. “Big Brother will be constantly monitoring our financial activity” he said.
Summit news reports: With eleven countries having already launched Central Bank Digital Currencies, the Federal Reserve recently released a paper on how a digital dollar might be implemented in the United States.
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However, respondents to the idea have expressed concerns about the total elimination of cash as a payment option and government control over an individual’s finances.
During a a recent episode of The Rich Dad podcast, Kiyosaki cautioned that CBDCs would open the door for an unprecedented level of surveillance of Americans.
“The major apprehension with FedCoin, the CBDC, is that it erodes our privacy. By tracking every financial transaction, they will have access to every detail of our spending, the recipient of our money, and how we allocate our resources,” said Kiyosaki.
“In essence, it replicates George Orwell’s dystopian society depicted in 1984. Big Brother will be constantly monitoring our financial activity, and this is precisely the problem with central bank digital currency, or the Fed Coin,” he added.
“As an individual, I become nervous at the thought of this. I do not want them to monitor my every transaction or be privy to my spending habits. It is a violation of my privacy, and they have no business knowing how I choose to allocate my resources,” the author warned.
Reflecting such concerns, Rep. Tom Emmer (R-MN) introduced a bill that would ban the Federal Reserve from introducing CBDCs, as well as forcing the Fed to remain transparent with Congress on its research into the issue.
CBDCs are being promoted on the basis that they will increase financial freedom, yet critics have asserted that the system would empower the state to place limits on spending and decide what people were allowed to buy.
