Florida Governor and U.S. Presidential hopeful Ron DeSantis expressed staunch opposition to the implementation of Central Bank Digital Currencies (CBDCs) in the United States.
What Happened: In a statement last week at the Family Leadership Summit in Iowa DeSantis said, “If I am the president, on day one, we will nix central bank digital currency.”
He raised concerns that a CBDC would allow the government to “monitor and control behavior” and potentially prohibit certain purchases such as fuel and ammunition.
CBDCs, or Central Bank Digital Currencies, are digital forms of currency that are issued and regulated by central banks. They are designed to function as legal tender, just like traditional physical currency, but in digital form.
Threat to American Liberty: DeSantis discussed the potential implications of a CBDC on the privacy and individual freedoms of American citizens. He warned of the possibility of a social credit system, stating, “What the central bank digital currency is all about is surveilling Americans and controlling behavior of Americans.”
His opposition to CBDCs was evident in March when he called for a state-wide ban on CBDCs, arguing that they would “stifle innovation and promote government-sanctioned surveillance.”
Concerns With Digital Yuan: Referring to concerns about China's CBDC, he said that it is being utilized for “monitoring citizen behavior and surveilling spending habits, with the ability to restrict access to goods and services.”
DeSantis also emphasized that constitutional requirements necessitate major policy changes like this to be authorized by Congress. He argued, “Unaccountable institutions cannot impose a CBDC on Americans.”
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’
Banning CBDCs In Florida: In May, Governor Ron DeSantis signed a bill into law that explicitly prohibits the use of CBDCs as money within the state of Florida. During a press conference, DeSantis reiterated his concerns about CBDCs being used for control and surveillance, stating, “Anyone with their eyes open could see the danger this type of an arrangement would mean for Americans who want to exercise their financial independence.”
Love For Bitcoin: DeSantis further expressed his support for cryptocurrencies, particularly Bitcoin BTC/USD, and criticized the possibility of the government outlawing them.
He said, “Crypto owners possess the right to do Bitcoin… The authorities view Bitcoin as a threat… pushing to outlaw cryptocurrency.”
DeSantis has maintained a crypto-friendly stance in Florida, proposing the acceptance of cryptocurrencies for state fees and allocating funds to explore the potential applications of distributed ledger technology.
Photo Courtesy: Shutterstock.com
Join Benzinga’s Future of Crypto in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
