A legislative proposal from Florida Gov. Ron DeSantis would prohibit using a national central bank digital currency (CBDC) as money within the state of Florida.
“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,” DeSantis said Monday.
The proposed law would also prohibit the use of a CBDC issued by any overseas central bank in Florida. The governor’s statement calls on other states to adopt similar legislation.
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Last year, President Joe Biden issued an executive order for the federal government to study the possible uses and risks of a CBDC.
In addition to privacy concerns, DeSantis said a federal CBDC would diminish the role of community banks and credit unions.
“The Biden administration’s efforts to inject a Centralized Bank Digital Currency is about surveillance and control,” said Governor Ron DeSantis. “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.”
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“Governor DeSantis is ahead of the curve when it comes to protecting individual rights. A Central Bank Digital Currency is the cornerstone of a federal government that could track each and every transaction that happens in the world,” said State Chief Financial Officer Jimmy Patronis. “There would be no privacy, and if there is no privacy, there are no rights. In the same way Florida is fighting back against the IRS, we need to fight back against this program. It’s how we protect freedom, liberty, and prosperity.”
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