Economist warns that digital currency would allow government to punish dissent

Earlier this year, President Joe Biden signed an executive order which was purportedly aimed at protecting Americans and their financial stability.

Yet according to economist and bestselling author Jim Rickards, the reality is nothing short of terrifying. 

The order calls for tighter controls on digital exchanges

The White House released a statement on Mach 9 regarding digital assets, including cryptocurrencies such as Bitcoin and Ethereum.

It noted that while such assets present “an opportunity to reinforce American leadership in the global financial system,” they also carry “substantial implications for consumer protection, financial stability, national security, and climate risk.”

That led President Joe Biden to sign Executive Order 14067,  described as “the first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.”

“The 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,” the statement explained.

One of its provisions opens the door to tighter regulations surrounding digital asset exchanges and trading platforms, ostensibly to protect investors from fraud and abuse. However, Rickards said in a video presentation published by Paradigm Press that rather than offering protection, Biden’s order is about asserting control.

The author says the order could lead to the abolition of physical currency

“Executive Order 14067 already gives President Biden unprecedented power over the future of the U.S. dollar,” he says. “And sadly, most Americans will be completely caught off guard by it.”

According to Rickards, the order is part of a move towards a government-controlled digital currency that may one day replace physical money.

He asserts that such a move would allow government actors “to punish any contribution, purchase, or even social media comment they don’t like.”

What’s more, such plans are not unique to the United States, as Rickards explained that “China and Russia have already launched pilot programs for their own digital currencies.”

“More than half the countries in the world and almost 90% of central banks are testing or exploring a digital currency right now,” he added.

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