Florida Governor Wants To Ban CBDC

Ron DeSantis, the governor of Florida and a presidential hopeful, has proposed a new bill to oppose central bank digital currency (CBDC). 

DeSantis Against Surveillance Of Digital Dollar

Florida Governor Ron DeSantis has stated that he wants to protect citizens from the surveillance and control of the federal government through a CBDC. Therefore he has proposed legislation to ban a national central bank digital currency. In accordance with the state’s Uniform Commercial Code, DeSantis has introduced new legislation that would prohibit the use of any CBDC issued by a foreign reserve or a foreign-sanctioned central bank. If the legislation goes through, it would also shield Florida residents from a global digital currency issued by a foreign central bank. 

In a March 20 press release, DeSantis said, 

“The Biden administration’s efforts to inject a Centralized Bank Digital Currency is about surveillance and contro. Today’s announcement will protect Florida consumers and businesses from the reckless adoption of a ‘centralized digital dollar’ which will stifle innovation and promote government-sanctioned surveillance.”

The Global CBDC Trend

He has also addressed other states in the U.S. and appealed to them to adopt similar legislation by adding such prohibitions to their uniform commercial codes. 

The decision from DeSantis could be influenced by the recent announcement from the U.S. Federal Reserve about the upcoming launch of its FedNow payments system, which is being touted as the precursor to a programmable CBDC. 

With multiple countries, like Saudi Arabia, Japan, Russia, and England, and their central banks working on CBDC pilot programs, it could indicate the next direction for the Federal Reserve also to go that way. 

Support From Key Political Figures

DeSantis’s reasoning is that a federally sanctioned CBDC would mean that government bureaucrats would get an advantage over consumer activity and be able to cut off consumers’ access to goods and services. As a result, it would make the currency a direct liability of the federal government and directly hamper the role of community banks and credit unions. The proposed legislation has received support from other key figures, like Florida State CFO Jimmy Patronis, who said,

“A Central Bank Digital Currency is the cornerstone of a federal government that could track each and every transaction that happens in the world. There would be no privacy, and if there is no privacy, there are no rights.”

Another person who has supported the bill and has stood against what he calls extreme government bureaucracy is the CEO of the Foundation for Government Accountability, Tarren Bragdon. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.