The United States has been working on its own CBDC since the 2022 policy objectives developed by the Biden-led administration.
The governor of Florida, Ron DeSantis, is proposing a law that seeks to ban the use of central bank-issued digital currencies (CBDCs) in the state. according to a Press release, the governor explained that the legislative resolution is being issued to protect residents and businesses within the state. DeSantis also suggested that the Biden administration is trying to introduce some sort of surveillance and control with CBDC technology. Part of the statement reads:
“Today’s announcement will protect Florida consumers and businesses from reckless adoption of a ‘centralized digital dollar’ that will stifle innovation and foster government-sanctioned surveillance.”
Florida governor cites privacy concerns related to CBDC
DeSantis, who is widely regarded as a potential presidential candidate in next year’s election, says there is an agenda by the Biden administration to weaponize the financial sector. and that some of these policies may threaten the personal economic freedom and security of its people.
Echoing the Republican governor’s sentiments, Florida State CFO Jimmy Petronis also shared his thoughts on the subject. Petronis claims that governments can use a CBDC to track every single transaction that takes place in the world, in such a way that privacy will be completely lost. According to Petronis, “there would be no privacy, and if there is no privacy, there are no rights.”
However, in addition to privacy concerns, DeSantis also believes that a CBDC will undermine credit unions and community banks. Therefore, the reason for moving forward with the new bill is to ensure that the privacy of all Floridians and their businesses is well protected.
The governor has called upon other states to follow his lead by adopting similar laws.
Different strokes for different folks
Meanwhile, Florida’s move is in direct contrast to South Dakota Governor Christi Noem’s. Republicans recently vetoed a Commercial Code bill over the possibility of allowing CBDCs to be considered legal currency in the state. Although the bill has now passed the state legislature, some national Republican groups are still opposing it.
The United States has been working on its own CBDC since the Biden-led administration developed policy objectives for 2022. while the Federal Reserve has been Researching a Potential Digital DollarThe Treasury Department is also reportedly weighing the risks and benefits of a CBDC.
Maiowa is a crypto enthusiast/writer whose conversational character is quite evident in his writing style. He firmly believes in the potential of digital assets and takes every opportunity to reiterate this. He is also an avid reader, a researcher, an astute speaker and a budding entrepreneur. However, away from crypto, Mayowa’s distractions include discussing soccer or world politics.
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