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SirWin
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SirWin

Florida governor supports state bill banning CBDCs

florida-governor-supports-state-bill-banning-cbdcs
Edited by
News
Florida governor supports state bill banning CBDCs

In a tweet on May 12, governor Ron DeSantis of Florida voiced his backing for a proposed bill that seeks to prohibit the use of Central Bank Digital Currencies (CBDCs) as a form of currency within the state.

The legislation aims to enforce the prohibition of CBDCs, emphasizing the governor’s stance on the matter.

Amidst these discussions, DeSantis has voiced his support for legislation aiming to prohibit the use of CBDCs within the state.

He emphasized the importance of preserving financial freedom for Florida’s citizens by opposing the digital dollar idea.

When the bill was first introduced, DeSantis said the Biden administration wanted to surveil and control people using CBDCs.

In the same press release in March 2023, Florida’s chief financial officer (CFO), Jimmy Patronis, said a CBDC would enable extensive transaction tracking by the federal government, eroding privacy and potentially compromising individual rights.

This announcement comes just days after North Carolina lawmakers passed a bill to ban CBDC payments and block the state from testing the state-issued coin in the future.

Growing adoption

Contrary to the stance taken by Florida, CBDCs have gained significant attention worldwide.

Several countries are exploring CBDC’s architecture and design, with some regions, including China, at an advanced stage, testing the coin ahead of integration.

Currently, the UK government is pressing forward with exploring the digital pound. The Chancellor of the Exchequer, Jeremy Hunt, announced that consultation would be initiated in the near future. They will aim to assess the digital pound’s feasibility and potential design.

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