Bestselling author of Rich Dad Poor Dad, Robert Kiyosaki, has voiced his concerns about the potential loss of privacy in the event the US launches a central bank digital currency (CBDC), also known as “FedCoin”. Kiyosaki warns that the introduction of a Federal Reserve-issued CBDC could lead to a 1984-like surveillance system, where authorities monitor Americans’ financial activities closely.
Kiyosaki’s fears stem from the belief that a CBDC will enable the government to track every financial transaction, resulting in the erosion of privacy. The omnipresent surveillance, he argues, would allow authorities to scrutinize how people spend their money and with whom, effectively transforming the dystopian world of George Orwell’s 1984 into a reality.
These concerns arise as the Federal Reserve is currently evaluating the advantages and risks of implementing a CBDC. Federal Reserve Governor Michelle Bowman has emphasized the importance of privacy in the design of any potential digital dollar. Bowman advocates for measures to protect the privacy of businesses and individuals, acknowledging the central role money plays in our daily lives and the potential risks a CBDC could pose to the freedom Americans enjoy in managing their finances.
In summary, while the concept of a central bank digital currency continues to be explored, concerns over privacy and surveillance have been raised by prominent figures like Robert Kiyosaki. As the Federal Reserve considers the implications of a digital dollar, ensuring the protection of individual and business privacy will be a critical factor in its development.