Florida Governor Ron DeSantis proposes CBDC ban

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Key takeaways:

  • Ron DeSantis, governor of Florida, has declared his support for legislation that would forbid central banks from issuing digital currency.  
  • DeSantis said he wanted to enact laws that would “forbid the use of CBDCs as money” in the state.

Florida Governor DeSantis proposes change in Florida’s Uniform Commercial Code to expressly forbid the use of domestic or international CBDC as money.

DeSantis has urged similarly minded governors to enact comparable regulations under its commercial codes in order to counteract “surveillance and control” from the federal government.

The legislation would completely forbid the technology from being used as a means of money in Florida, including any CBDC that the U.S. Federal Reserve could introduce as well as any developed by a foreign government.

DeSantis argued against the Federal Reserve issuing and exercising control over CBDC, in the United States at a press conference on March 20. He claimed the move would give the authorities “more power,” as he stood in front of a podium with the words “Big Brother’s Digital Dollar” on it.

For a considerable amount of time, the CBDC market has been expanding globally. Japan, Kazakhstan, Spain, and India, to name a few, have already begun experimenting with CBDCs to determine what works best for each of their nations.

Regarding defending individual liberties, Governor DeSantis is regarded as a pioneer. According to State Chief Financial Officer Jimmy Patronis, the foundation of a federal government that could monitor each and every transaction that takes place worldwide is a central bank digital currency.

The governor reaffirms that Florida will not support economic central planners and that the government  will not enact laws that jeopardize people’s ability to live independently and securely.

DeSantis criticized President Biden’s executive order on cryptocurrency from a year ago, which instructed government organizations to coordinate a plan for the technology. 

DeSantis asserted that if CBDCs were implemented, they would be used to “practice their agenda” without specifically naming any parties. 

Others, like U.S. lawmaker Tom Emmer, contend that financial services policies promote the government’s monetary onramps over those of the private sector while also praising the Fed’s own rendition of a settlement system, known as FedNow, which is scheduled to launch in July, are disruptive market standards.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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