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Florida Governor Ron DeSantis Proposes Banning Using CBDCs as Money

Florida Governor Ron Desantis has launched an initiative to ban central bank digital currencies (CBDC).

Florida Governor Ron DeSantis Proposes Banning Using CBDCs as Money

Source: Pixabay.com

A press release published last Monday, March 20, states that the governor of Florida proposed amendments to the legislation that provides for a complete ban on the use of both federal and foreign CBDC. Ron Desantis called on other states of America to join this initiative and introduce relevant provisions into the unified commercial codes.

The governor of Florida claims that the efforts of the Joe Biden administration to introduce a digital currency are aimed at tightening control and activating the processes of monitoring the use of money. He called his initiative the protection of consumers and state enterprises from the digital dollar, which, in his opinion, will contribute to supervision and will become an obstacle to innovation.

The legislative changes proposed by the Governor of Florida provide for a ban on the use of federally adopted CBDC as money under the Unified Commercial Code of Florida, and CBDC issued by a foreign reserve system or a central bank with foreign sanctions.

The press release also says that the digital currency, the idea of the introduction of which is supported by the federal government, will allow officials to track consumer activity and allow them to block access to goods and services. Special attention is paid to the reduction of the role of local banks and credit unions in the case of active use of CBDC.

In a press release, state CFO Jimmy Patronis stated that digital currency is the cornerstone of the federal government, which could track every transaction taking place in the world. He notes that such measures destroy privacy, which in turn, according to him, cancels rights.

The governor of Florida announced his initiative about six months after the US Treasury Department presented the White Paper on the Future of Money to the administration of President Joe Biden, a significant part of which is devoted to what the CBDC will look like in the United States.

In the fall of 202, Brian Dees, director of the National Economic Council, and Jake Sullivan, National Security Adviser, made it clear that the Fed’s CBDC policy was a top priority.

In March 2022, Joe Biden announced his readiness to sign an executive order defining a unified national policy on cryptocurrencies and other digital assets. As of the beginning of last year, more than 15% of Americans used cryptocurrency.

As we have reported earlier, Bank of Japan Launches CBDC Pilot.

 

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.