Florida Governor Ron DeSantis Calls For Ban Of CBDCs

March 20, 2023 9:24 pm Comments

The governor of Florida, Ron DeSantis, just announced that he would be supporting all legislation that would potentially ban the creation of a central bank digital currency (CBDC).

CBDCs have been a trending topic within the blockchain and crypto industry as many industry experts predict that central banks will likely use CBDCs in order to take advantage of blockchain technology.

However, many see it as a centralized version of crypto where it can be controlled by central banks despite the use of blockchain.

This happens to be one of the main reasons that DeSantis is supporting the ban as he believes that there should be financial innovation without the people losing control or anonymity in personal finance.

It is not the first time that there has been criticism against CBDCs from a US state and it remains to be seen if there will be more states that oppose as well.

Watcher.guru reports:

The introduction of a Central Bank Digital Currency has become a vital talking point in the digital asset industry. Additionally, as countries are working on pilot programs for the implementation of such an asset, the US has begun discussions on its possible integration.

Now, Florida Governor Ron DeSantis has announced his support of legislation that would ban a CBDC in the state. Specifically, DeSantis stated that he was stating in opposition to the idea to protect the financial freedom of the citizens within the state.

“I am here to call on the legislature to pass legislation to expressly forbid the use of CBDC as money within Florida’s Uniform commercial code,” DeSantis stated. Additionally, nothing that his desire for the state to continue innovation in the financial sector without a CBDC.

DeSantis additionally spoke against government access to personal transactions. Stating a CBDC as giving officials a “direct view of all consumer activities.” Inferring that the introduction of such a digital currency would lead way for the misuse of information.

Whether or not DeSantis’s call to ban CBDCs will be effective or not is still unknown as there has been no official information regarding the creation of CBDCs in the US yet.

So far, current available information shows that there may be small scale pilot tests that are in progress in order to test the effectiveness of the idea.

However, the Federal Reserve has pointed out in the past that such a change would require approval of Congress in order to implement.

The chances of this passing Congress right now are pretty slim as there is still a lot of division regarding the idea despite it gaining traction in many regions around the world already.

CoinTelegraph reports:

“You’re opening up a major can of worms, and you’re handing a central bank huge, huge amounts of power.”
Other conservative lawmakers in the U.S. have voiced similar concerns as DeSantis’ in trying to tamp down efforts by the Fed to release a CBDC.

In February, Minnesota Representative Tom Emmer introduced the CBDC Anti-Surveillance State Act, claiming the bill would protect Americans’ right to financial privacy by limiting the Fed’s authority over a digital dollar.

The city of Miami, in addition to hosting the “Bitcoin” conference, is home to many crypto and blockchain proponents, including Morgan Creek Digital co-founder Anthony “Pomp” Pompliano and Mayor Francis Suarez, who accepted some of his paychecks in Bitcoin.

DeSantis said he aimed to have the CBDC legislation on his desk for approval sometime in 2023.

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