Florida Governor Ron DeSantis Officially Bans CBDCs

May 12, 2023 2:32 pm Comments

It was just revealed that Ron DeSantis, the governor of Florida, has officially banned the use of central bank digital currencies (CBDCs) within the state.

The purpose of the ban is to protect the residents of Florida from the new CBDC that is planned to be issued by the Federal Reserve soon.

This new CBDC has already caused a lot of alarm due to the potential that it could take away financial control and anonymity from citizens.

By implementing a ban on CBDCs within the state, this indicates that many other states could also follow the same path and place a ban as well.

Ron DeSantis is not the only one who has voiced concerns about CBDCs as many have voiced the opinion that it could be used for unwanted surveillance and control.

Watcher.guru reports:

The governor has been outspoken in his belief in the negative implications of a government-controlled digital currency. However, DeSantis introduced legislation against the digital currency in March of this year.

Specifically, the legislation is set to prohibit the use of any federally adopted CBDC as money within the Florida Uniform Commercial Code.

Additionally, it has instituted protections against the alternative central global currency. Moreover, it has called on states to adopt similar legislation.

DeSantis has joined a group of American politicians calling for similar prohibitions. Among them is Ted Cruz, who has shown his belief in Bitcoin. in the past. Additionally, current presidential candidate Robert F. Kennedy Jr. has issued similar sentiments.

Other well known candidates that share the same thoughts include Ted Cruz and presidential candidate Robert F. Kennedy.

On the other hand, digital assets like Bitcoin and XRP are decentralized and bring control back to the owners of the assets.

Robert F. Kennedy Jr. will be advocating for Bitcoin as part of his presidential campaign and has been repeatedly against the implementation of the Fed’s upcoming CBDC.

It is critical that upcoming elected officials are pro-crypto in order to prevent the use of CBDCs from slowing down the growth of the crypto industry.

CoinTelegraph reports:

The Uniform Law Commission has taken pains to dispel the idea that it is encouraging the adoption of CBDC, even recently issuing a clarification on its position.

John Montague of Florida-based Montague Law told Cointelegraph:

“This bill stipulates that transactions involving CBDCs won’t be afforded the usual UCC protections, potentially dissuading entities or individuals from engaging in such transactions with CBDCs.”

He added, “The UCC can establish obligations and alter third-party rights, even without their direct contractual involvement. Florida has the authority to alter this definition.”

The law takes effect on July 1.

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