Digital assets, especially cryptocurrencies, have seen tremendous growth over the previous several years, surpassing $3 trillion in market capitalization by November 2021. It is believed that around 40 million individuals have invested, exchanged, or used cryptocurrencies.
With such precipitous growth, the United States was presented with a chance to demonstrate leadership in the global financial system by finding a means to remain at the forefront of digital currency innovation while safeguarding consumers, companies, and the larger financial system. Thus, on March 9, President Biden signed order #14067, “Ensuring Responsible Development of Digital Assets,” often known as the crypto executive order.
James Rickards, a former counsellor to the Pentagon joined Robert Kiyosaki, author of the personal finance book “Rich Dad, Poor Dad,” on the podcast The Rich Dad on September 7 to examine the order classifying it as “spyware.”
This would drastically enhance the federal government’s authority and influence, basically constituting a new sort of “spyware.”
Rickard’s concerns with the presidential order centre on the ‘secret goal’ underlying it, which, according to him is speeding the development of central bank digital currencies (CBDCs), which Kiyosaki himself had previously referred to as ‘spyware.’
“This is why we are little concerned by executive order 14067. Once it is digital, they will know what you are purchasing. Because each product has a stock keeping unit code, or SKU. With that, using a digital QR scan, they would know what you’re purchasing, and since this digital money is programmable, they could ban or not prohibit specific transactions,” Rickard’s stated.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.