Rich Dad Poor Dad author Robert Kiyosaki warns that George Orwell’s novel 1984 could quickly become a reality when the US goes ahead with launching a central bank digital currency (CBDC).
In a new episode of The Rich Dad Channel, Kiyosaki says that a “FedCoin,” or a Federal Reserve-issued CBDC, will allow the authorities to become omnipresent and surveil Americans’ every move to make sure they are behaving.
“The big concern with FedCoin, the CBDC, is that we lose our privacy. That they’ll track us, they’ll track every move because they’ll know everything we’re spending money on, what we spend it on, who we give it to and all these, so it becomes George Orwell’s 1984. Big Brother will watch you via our money and that’s the problem with the central bank digital currency, or the Fed Coin…
People like me panic. I said, ‘Oh my God, they’re gonna track me. I don’t want them to know how I’m spending my money. it’s none of their business.’
But now with blockchain and all this, they can track anything they want, so our privacy goes. That’s why when George Gammon says Orwellian, he’s talking about 1984. Big Brother’s going to watch you. That’s where we’re heading.”
Kiyosaki’s comments come as the Federal Reserve explores the benefits and risks of a CBDC. During a speech on Tuesday, Federal Reserve Governor Michelle Bowman says the potential digital dollar should incorporate privacy considerations into its design. She says there should be proper measures to safeguard the privacy of businesses and individuals.
Says Bowman,
“In thinking about the implications of CBDC and privacy, we must also consider the central role that money plays in our daily lives, and the risk that a CBDC would provide not only a window into, but potentially an impediment to, the freedom Americans enjoy in choosing how money and resources are used and invested.”
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