CBDCs Banned in Florida as Governor Ron DeSantis Signs New Bill
Florida Governor Ron DeSantis has signed a new bill banning central bank digital currencies (CBDCs) in the state.
The bill, dubbed SB-7054, bans the use of a CBDC as money within the state of Florida. It also prohibits the use of CBDCs issued by other governments and calls on other states to use their commercial codes to institute similar prohibitions.
During a recent press conference, DeSantis highlighted concerns about the potential use of CBDCs to control and surveil Americans.
He suggested that the government could use CBDCs to stop people from buying gas to combat global warming or track how often someone purchases firearms.
"Anyone with their eyes open could see the danger this type of an arrangement would mean for Americans who want to exercise their financial independence and would like to be able to conduct business without having the government know every single transaction they're making in real time."
The bill, which amends the state's law to exclude CBDCs from the definition of money, passed with only one vote against it during a Florida House of Representatives session.
DeSantis also claimed that the Biden administration is studying CBDCs to eliminate other types of digital assets like cryptocurrencies. He suggested that the administration wants to "crowd out and eliminate other types of digital assets, like cryptocurrency."
As reported, the Florida governor put forward the legislation in late March.
At the time, he said his intention with the bill was to “protect Floridians from the Biden administration’s weaponization of the financial sector through a Central Bank Digital Currency.”
Florida's move to ban CBDCs comes amidst increased talks and discussions on the development of CBDCs across the globe.
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