Florida Governor Ron DeSantis is taking a stand against central bank digital currencies (CBDCs), pushing forward legislation to ban their use in the Sunshine State. DeSantis, a known critic of centrally controlled digital currencies, supports decentralized cryptocurrencies due to their lack of government control.
The possible presidential candidate for next year’s election accuses President Biden of using the technology for “surveillance and control.” As discussions of a U.S. crypto crackdown intensify, DeSantis wants to ensure Floridians’ financial independence by providing preemptive protection against a potential U.S. CBDC.
“They want to get rid of crypto,” DeSantis said. “They don’t like crypto because they can’t control crypto, so they want to put everything in a central bank digital currency.”
DeSantis believes in individual choice when it comes to investing in crypto. He has even explored ways for Florida residents to pay taxes with cryptocurrencies.
The Florida governor’s actions come amidst growing concerns over the U.S. Securities and Exchange Commission’s approach to the crypto sector. Coinbase, a leading U.S.-listed crypto exchange, is currently suing the regulator for clear rules.
DeSantis aims to prevent a “financial surveillance state” by prohibiting the use of CBDCs in Florida. The Biden administration, however, is already exploring policy objectives for a possible CBDC system in the U.S., with the Federal Reserve and Treasury Department conducting research in this area.