Florida Governor Ron DeSantis has renewed his attacks on a centrally backed digital currency (CBDC) that can “monitor every single transaction.”
DeSantis announced legislation in March to ban any upcoming digital cryptocurrency in the United States
Why Florida’s governor opposes the Fed’s digital dollar
In a recent public engagement, Governor Ron DeSantis confirmed that Florida will not accept the CBD. He said the state has also refused to enforce social credit scores. He said Florida residents do not recognize a central bank digital currency that would allow the government to monitor every single transaction of its citizens.
In March, Governor DeSantis Proposal Amendment to Florida’s Uniform Commercial Code to explicitly prohibit the use of Fed-backed CBDCs. The legislation also prohibits any central bank digital currency issued by a foreign reserve or central bank subject to foreign sanctions. Meanwhile, the proposal called for other countries to adopt similar bans. Governor DeSantis believes that a federally controlled CBD is about surveillance and control and threatens personal economic freedom and security.
The official argued that CBDCs would decrease The role of community banks and credit unions in the financial system, the diminishing power of market lending. On the contrary, the ruler pushed the use of cryptocurrencies to be independent from the government.
“I think the danger of digital currency is that they want, one, to make that the only currency, they want to get rid of cryptocurrency,” he said. He said. “They don’t like cryptocurrency because they can’t control the crypto. So they want to put everything into a central bank digital currency.”
A Biden administration may push for a CBD
Robert F. Kennedy Jr., who is running as the Democrats’ freshman presidential candidate, holds similar views. His criticism came after the Fed announced the launch of FedNow, scheduled for July. The industry began to speculate whether the instant payment option would follow Kennedy’s CBDC experience argueAnd
“The CBD would allow the government to freeze your assets or restrict your spending on authorized vendors if you fail to comply with arbitrary dictates, i.e. vaccine mandates.”
In support of cryptocurrency, Kennedy argued that concerns about its environmental impact are exaggerated and that it is being used as a pretext to crack down on anything that threatens elite power structures. They further point out that bitcoin mining uses the same amount of energy as video games, which it is not Confrontation Similar ban.
In February, US President Joe Biden appointed Lyle Brainard, an advocate of the digital dollar and vice chair of the Federal Reserve, as his economic advisor. It comes as many countries, including China, push to adopt digital currencies as their primary currency. Recently, BNP Paribas partners with the Bank of China to promote the Chinese digital currency to its corporate clients, according to reports. Meanwhile, its neighbor India aims to increase the number of customers in retail CBDC betas project From 90,000 to half a million by July this year.
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