Florida Governor Ron DeSantis Will Enact State Legislation To Ban CBDCs in Florida

Florida governor announced a legislative proposal to ban the use CBDCs in Florida that Biden’s administration might implement. He will ban the use of CBDCs in Florida, including CBDC issues the Federal government and CBDCs from foreign countries.

According to official document from flgov.com, the legislative proposal protects consumers and businesses from a federally controlled CBDC by:

-Expressly prohibiting the use of a federally adopted Central Bank Digital Currency as money within Florida’s Uniform Commercial Code (UCC).

-Instituting protections against a central global currency by prohibiting any CBDC issued by a foreign reserve or foreign sanctioned central bank.

-Calling on likeminded states to join Florida in adopting similar prohibitions within their respective Commercial Codes to fight back against this concept nationwide.

Governor Ron DeSantis said

 “The Biden administration’s efforts to inject a Centralized Bank Digital Currency is about surveillance and control,” 

 “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. Florida will not side with economic central planners; we will not adopt policies that threaten personal economic freedom and security.”

Ron DeSantis think that the federal government can surveillance by tracking transactions through CBDCs. He said CBDCs threaten economic freedom and privacy of the people. CBDCs are currencies that would be a direct liability of the Federal government that undermine the power of community banks and credit unions in the US financial system.

About CBDCs

A Central Bank Digital Currency (CBDC) is a new frontier that governments around the world are developing. Nobody knows how CBDCs would looks like. CBDCs are cash notes in digital forms backed by fiat and can run on blockchains. CBDCs can transfer power away from banks. People currently transfer money using services from banks either using bank notes or digital wallets. CBDCs will increase the power of central banks because they are the issuer of CBDCs. When people use CBDCs they use them directly from central banks.