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Florida Governor Ron DeSantis Opposes Central Bank Digital Currency To Protect Citizen Privacy

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• Florida Governor Ron DeSantis is proposing a bill to oppose central bank digital currency (CBDC).
• The proposed legislation would protect Florida residents from a global digital currency issued by a foreign central bank.
• The decision has been supported by other key figures, like Florida State CFO Jimmy Patronis.

DeSantis Opposes Central Bank Digital Currency

Florida Governor Ron DeSantis has proposed legislation in an effort to oppose the development of any national central bank digital currency (CBDC) in the state. In accordance with the state’s Uniform Commercial Code, DeSantis has introduced new legislation that would prohibit the use of any CBDC issued by a foreign reserve or a foreign-sanctioned central bank. If passed, this would shield Florida residents from a global digital currency issued by a foreign central bank.

Biden Administration’s Efforts To Introduce A Centralized Bank Digital Currency

The Biden administration is working on introducing its own Federal Reserve System’s FedNow payments system which could be seen as precursor to a programmable CBDC. This could indicate that the Federal Reserve might eventually go down that route as well with multiple countries who have their own central banks working on CBDC pilot programs, such as Saudi Arabia, Japan, Russia and England.

DeSantis‘ Reasoning Against CBDC

DeSantis believes that having federally sanctioned CBDC would give government bureaucrats an advantage over consumer activity and be able to cut off consumers‘ access to goods and services, ultimately making it a direct liability of the federal government and hampering the role of community banks and credit unions.

Support From Key Political Figures

The proposed legislation has received support from other key figures in Florida politics such as Florida State CFO Jimmy Patronis who said “A Central Bank Digital Currency is the cornerstone of a federal government that could track each and every transaction that happens in the world. There would be no privacy, and if there is no privacy, there are no rights.“ Other supporters include U.S Representative Matt Gaetz who echoed similar sentiments about protecting consumers from surveillance through CBDCs due to lack of privacy associated with it .

Conclusion

Governor Ron DeSantis’ proposed bill against CBDCs highlights his commitment towards protecting citizens from potential surveillance through centralized digital currencies while recognizing its hindrance on innovation opportunities as well as small businesses throughout Florida and potentially even at larger scale across US states if more states decide to follow suit in adopting similar legislation prohibiting CBDCs within their uniform commercial codes.