Florida Governor Moves to Ban CBDC(Central Bank Digital Currency) in the State

Gov. Ron DeSantis Calls for Legislation to Protect Privacy and Foster Financial Innovation with CBDC Ban in the state of Florida

Florida Governor Proposes CBDC Ban

Florida Governor Ron DeSantis has called on lawmakers to pass legislation that would ban the use of central bank digital currency (CBDC) within the state. DeSantis aims to safeguard Floridians’ finances and protect their privacy from government surveillance. The proposal seeks to ensure that Florida continues to support financial innovation while preventing the government from having direct access to citizens’ financial activities.

CBDC vs. Traditional Cryptocurrency

CBDC is a digital form of central bank money, widely available to the general public. DeSantis emphasized that CBDC is different from traditional cryptocurrencies, which are decentralized in nature. The proposed legislation would also ban any CBDC issued by foreign reserves or government-sanctioned central banks, ensuring that global digital currencies would not be adopted in Florida.

DeSantis Encouraging Other States to Follow Suit

DeSantis urged like-minded states to adopt similar legislation into their uniform commercial code and reject any changes that would formally recognize a central bank digital currency. He has spoken with Texas’ lieutenant governor and believes Texas may pursue a similar path. DeSantis highlighted the importance of states standing up against federal overreach, stating, “They don’t have your best interests at heart. They have their own power at heart.”

Conclusion – Aiming for Legislation Later This Year

The governor has been in talks with Florida legislative leaders, with the goal of signing the legislation into law later this year. DeSantis believes CBDC is part of an attempt to use economic power to control society and impose specific agendas without electoral accountability. He said, “This idea of a central bank digital currency is also wrong.”

Currently, physical currency (Federal Reserve notes) is the only acceptable form of central bank money in the U.S. The Federal Reserve has not yet made any decisions on whether to pursue or implement a CBDC, but it has been exploring potential benefits and risks through research and experimentation.

Image – Amy Beth Bennett/South Florida Sun-Sentinel via AP

You may be also interested to read more about topics below :

• Binance Braces for Potential Fines from US Regulators
• SEC Cracks Down on Binance.US for Operating as Unregistered Securities Exchange: Will Cryptocurrency Survive Regulatory Onslaught?
• Federal Reserve Chairman Jerome Powell’s Bold Endorsement: Proper Regulation Could Unlock Stablecoins’ – Potential in Financial Sector
• Silvergate – Cryptocurrency-focused Bank is in a Pickle
• Hong Kong plans to make crypto purchase and trading legal for all of its citizens
• Crypto Industry is Under Siege by Regulators
• Empowering Crypto Investors: Binance Joins Forces with Law Enforcement in Powerful Anti-Scam Campaign