Ron DeSantis, the governor of Florida, is proposing a law that would make it illegal to use central bank-issued digital currencies (also known as CBDCs) anywhere within the state.
The governor was quoted as saying in a press release that the parliamentary proposal is being considered in order to protect businesses and inhabitants of the state.
Additionally, DeSantis gives the impression (1) that the Biden administration is attempting to exercise some control and monitoring with the use of the CBDC technology. The following is an excerpt from the statement:
“The declaration made today will protect Florida customers and companies from the irresponsible adoption of a ‘centralized digital currency,'” which will “stifle creativity and encourage government-sanctioned surveillance,” according to the statement.
The Governor of Florida Raises Concerns About Privacy concerning CBDCs
DeSantis, who is widely believed to be a potential candidate for president in the elections that will take place the following year, continues to maintain that there is a plan by the Biden government to militarize the banking industry.
And that it’s possible that some of these policies are putting his people’s individual monetary freedom and their safety in jeopardy.
Jimmy Patronis, Florida’s state chief financial officer, voiced opinions that are consistent with those expressed by the state’s Republican governor.
Patronis asserts that governments might utilize CBDCs to track each and every transaction that takes place anywhere in the world, which would result in the full loss of individuals’ right to privacy.
Patronis claims that there would be no such thing as privacy, and if there is no such thing as privacy, then there are no rights.
DeSantis, however, believes that a CBDC will be detrimental to both credit unions and community banks in addition to the privacy problems that it raises.
As a result, the motivation behind the promotion of the new bill is to secure the confidentiality of the personal information of all Floridians as well as the commercial information of their companies.
Additionally, the governor has urged the governors of other states to follow in his footsteps and pass legislation that is analogous to what he has proposed.
Contrast in Opinions of Different Administrators
In the meantime, the action taken by Florida stands in stark contrast to that taken by Governor Kristi Noem of South Dakota.
A law pertaining to the state’s commercial code that would have allowed CBDCs to be recognized as legal currency in the state was recently vetoed by the Republican governor.
Even though the law has been approved by the state legislature at this point, there are still some national Republican groups that are against it.
With the development of policy goals in 2022 by the administration led by Vice President Joe Biden, the United States has begun working on its very own CBDC.
While the Federal Reserve has been investigating the possibility of a digital dollar, reports have indicated that the Treasury Department is also considering the advantages and disadvantages of a CBDC.
Featured Image Source: CNN (1.1)
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