Florida Bans Central Bank Digital Currencies

Florida Bans Central Bank Digital Currencies

Governor Ron DeSantis of Florida has officially banned the issuance and use of Central Bank Digital Currencies (CBDCs) within the state, much to the federal government’s surprise.

In addition, due to the new legislation, Floridians will be protected against introducing a digital currency issued by the Federal Reserve in the summer of this year.

The 46th governor of Florida has not been bashful about expressing his opinion that a government-regulated digital currency could have some fatal drawbacks.

DeSantis proposed new legislation in March of this year that would prohibit the use of government-backed digital currency.

Specifically, the measure would make it illegal under the Florida Uniform Commercial Code to use Central Bank Digital Currencies as legal tender.

In addition, safeguards have been implemented to shield the state from external pressure to adopt the central currency.

In addition, DeSantis has urged the governments of the other states to collaborate to implement similar legislation.

The Fight of DeSantis Against CBDC

On March 20, Ron DeSantis issued a press release announcing his intention to prohibit the use of CBDCs. They added that consumers and investors would be shielded from the proliferation of digital currencies, which threatened the freedom and security of Floridians.

DeSantis was quoted as saying, in a dig at the United States government,

It will protect Floridians from the Biden administration’s weaponization of the financial sector through a Central Bank Digital Currency.

The 44-year-old Republican has made similar remarks in the past, suggesting that a digital currency introduced by the government is about “surveillance and control” that violates the privacy of Floridians.

In response to this cryptocurrency-related news, Bitcoin’s price has decreased by 0.08% over the past hour and is currently trading at $26,321.57.

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