Governor Ron DeSantis of the U.S. state of Florida has proposed legislation to prohibit the use of central bank digital currency (CBDC) as money in his state. “The Biden administration’s efforts to inject a centralized bank digital currency is about surveillance and control,” the governor warned.
Governor Ron DeSantis Proposes Law to Prevent Financial ‘Weaponization’ Through a CBDC
Florida Governor Ron DeSantis announced “comprehensive legislation” Monday to protect consumers and businesses in his state “from the Biden administration’s weaponization of the financial sector through a central bank digital currency (CBDC).”
Governor DeSantis warned:
The Biden administration’s efforts to inject a centralized bank digital currency is about surveillance and control.
He added that the proposed legislation will protect consumers and businesses in his state “from the reckless adoption of a ‘centralized digital dollar’ which will stifle innovation and promote government-sanctioned surveillance.” The governor also noted that CBDCs are not the same as decentralized cryptocurrencies, such as bitcoin (BTC).
The legislative proposal prohibits the use of a federally adopted central bank digital currency as money within Florida’s Uniform Commercial Code (UCC), the announcement details, adding that it also prohibits any CBDCs issued by a foreign reserve or foreign-sanctioned central bank.
Foundation for Government Accountability CEO Tarren Bragdon noted that this proposal pushes back on “an overreaching federal government,” elaborating:
Our money says In God We Trust. The central bank digital currency changes that to In Government We Trust. That’s wrong and I am grateful for the governor’s continued pushback of an out-of-control DC bureaucracy.
Earlier this month, South Dakota Governor Kristi Noem vetoed a bill that was disguised as an update to the UCC guidelines but paves the way for a CBDC while disallowing the use of cryptocurrencies, such as bitcoin, as a form of currency. She urged 20 other states, including Florida, that are about to consider a similar bill to “block this legislation from passing.”
Like Noem, Governor DeSantis is calling for other states to fight back against the UCC guideline update that paves the way for a CBDC. In his Monday announcement, DeSantis called on “likeminded states to join Florida in adopting similar prohibitions within their respective Commercial Codes to fight back against this concept nationwide.”
Noting that “A central bank digital currency is the cornerstone of a federal government that could track each and every transaction that happens in the world,” State Chief Financial Officer Jimmy Patronis emphasized:
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.
Several CBDC-related bills have been introduced in the U.S. Congress. Last month, U.S. Rep. Tom Emmer (R-MN) introduced the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act “to halt efforts of unelected bureaucrats” from “stripping Americans of their right to financial privacy.” Last year, U.S. Senator Ted Cruz (R-TX) introduced legislation “to prohibit the Federal Reserve from issuing a central bank digital currency directly to individuals.”
What do you think about Governor Ron DeSantis proposing a ban on central bank digital currency use as money? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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