FL Governor DeSantis Proposes Ban on Use of Central Bank Digital Currency as Money – Bitcoin News

Governor Ron DeSantis of the US state of Florida has proposed legislation to ban the use of central bank digital currency (CBDC) as money in his state. “The Biden administration’s effort to inject a centralized bank digital currency is about surveillance and control,” the governor warned.

Governor Ron DeSantis is proposing legislation to prevent financial “weaponization” through a CBDC

Florida Gov. 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 effort to inject a centralized bank digital currency is about surveillance and control.

He added that the proposed legislation would protect consumers and businesses in his state “from the reckless adoption of a ‘centralized digital dollar’ that will stifle innovation and promote state-sanctioned surveillance.” The governor also noted that CBDCs are not the same as decentralized cryptocurrencies, such as bitcoin (BTC).

The bill prohibits the use of a federally enacted central bank digital currency as money within Florida’s Uniform Commercial Code (UCC), the announcement details, adding that it also prohibits all CBDCs issued by a foreign reserve or foreign sanctioned central bank.

Executive Director of the Foundation for Government Accountability Tarren Bragdon noted that this proposal pushes back on “an overreaching federal government”, elaborating:

Our money says In God We Trust. The central bank’s digital currency is changing it to In Government We Trust. That’s wrong, and I’m grateful for the Governor’s continued pushback against 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 would pave the way for a CBDC while banning the use of cryptocurrencies, such as bitcoin, as a form of currency. She called on 20 other states, including Florida, which is considering a similar bill to “block this legislation from passing.”

Like Noem, Governor DeSantis is calling on other states to fight back against the UCC guideline update that paves the way for a CBDC. In his Monday announcement, DeSantis “urged like-minded states to join Florida in enacting similar bans within their respective commercial codes to fight back against this concept across the country.”

Noting that “A central bank’s digital currency is the cornerstone of a federal government that can track every single transaction that occurs in the world,” state Treasury Director Jimmy Patronis emphasized:

There would be no privacy, and if there is no privacy, there are no rights. Just as Florida is fighting back against the IRS, we must fight back against this program. It is how we protect freedom, liberty and prosperity.

Several CBDC-related bills have been introduced in the US Congress. Last month, US Representative Tom Emmer (R-MN) introduced the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act “to stop the efforts of unelected bureaucrats” from “depriving Americans of their right to financial privacy.” Last year, US 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 the use of central bank digital currency as money? Let us know in the comments section below.

Kevin Helms

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 of economics and cryptography.