The governor of the US state of Florida is considering banning the use of central bank digital currency (CBDC) within his state. Republican Ron DeSantis believes that CBDC is just a tool of the Biden administration to control Floridians and pervert the American financial sector. Indeed, as a sign of his hostility to cryptocurrencies, Biden is considering a central bank digital currency.
No CBDC in Florida
Central bank digital currencies (CBDC) are commonly promoted by governments and regulators to shadow private cryptocurrencies. However, not all leaders seem to be supporters of Central Bank Digital Currencies (CBDC). One of them is the governor of the US state of Florida. Republican Ron DeSantis who is considering running for president in the next election, opposes the deployment of the CBDC in Florida.
To prohibit the use of central bank digital currency in Florida as a currency in the Uniform Commercial Code (UCC) of Florida, Governor Ron DeSantis added a new legislation in his state. Moreover, the governor of Florida is calling on other U.S. states to adopt similar bans.
The stated goal is to defeat the Biden administration’s plan to develop a CBDC in order to better fight private cryptocurrencies.
CBDC threatens individual freedoms and economic security
What does Governor Ron DeSantis really have against CBDC? According to the release, Florida’s CBDC ban is related to the very nature of these types of assets. For Governor Ron DeSantis, central bank digital currency is an instrument of citizen control.
Unlike a decentralized crypto, a government-issued CBDC gives the government the ability to see all the activities of its users. Thanks to CBDC, the government could even cut off access to goods and services for consumers. To this end, a CBDC threatens individual liberties and economic security, according to the Florida governor.
The Biden administration’s efforts to inject a centralized bank digital currency are about surveillance and control… Florida will not side with central economic planners. We will not accept policies that threaten the freedom and security of our citizens.Ron DeSantis, Governor of Florida
The Florida governor’s concerns about CBDC are real. A few months ago, the Deputy Director of the International Monetary Fund (IMF) reported that the central bank digital currency can be used to strengthen the control of the citizens. Bo Li gave the example of China. In this Asian country, the CBDC is used to determine which citizens are eligible for credits.
Florida is the first American state to openly oppose the implementation of a CBDC. It even hopes to draw other states into its fold. Outside the USA, however, the CBDC project is not really taking off. Four countries in particular have abandoned the launching of a CBDC. Tanzania, on the other hand, believes that CBDC is risky for the national economy. In Nigeria, where CBDC is used, the economic situation is far from being reassuring…
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.