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Florida CBDC ban: Governor cites ‘reckless adoption’ of digital dollar

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Florida CBDC ban: Governor cites 'reckless adoption' of digital dollar

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  • Florida Governor Ron DeSantis has called for a state-wide CBDC ban.
  • DeSantis stated that he hoped to have CBDC legislation on his desk for approval by 2023.

Florida Governor Ron DeSantis, a potential presidential candidate in 2024, has called for a state-wide ban on central bank digital currency (CBDC). He opined that the Biden administration’s CBDC push is about surveillance and control.

In a press release, DeSantis said:

“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.”

DeSantis stated that he hoped to have CBDC legislation on his desk for approval by 2023. In a press conference on 20 March, DeSantis raised the issue of Fed issuing and controlling a CBDC in U.S.

He claimed that the initiative would give the government more power over people. Inflation, Fed rate hikes and pressure on banks were cited as examples of policies that directly affect U.S. consumers.

Are CBDCs a tool of economic surveillance?

Additionally, DeSantis claimed that:

“[A CBDC] provides the government with a direct view of all consumer activities…So, what the central bank digital currency is all about is surveilling Americans and controlling behavior of Americans.”

He further urged Florida lawmakers to introduce legislation prohibiting changes to the state’s Uniform Commercial Code that encourage the adoption of either a native CBDC or a foreign-issued CBDC.

He also asked “like-minded” states in the U.S. to introduce similar restrictions on CBDCs through Uniform Commercial Codes. The governor added that Texas was already considering such legislation.

DeSantis cited China’s introduction of digital yuan as an effort “to monitor citizen behavior allowing for the surveillance of spending habits and to cut off access to goods and services.”

He also pointed out the examples of the governments of Bahamas and Nigeria introducing CBDCs in their countries.

Tom Emmer, the Representative from Minnesota, also introduced a CBDC Anti-Surveillance State Act in February, claiming that the bill would protect the rights of financial privacy of Americans by restricting the Fed’s authority over the digital dollar.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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