Joe Biden’s administration is slowly trying to endorse the possibility of implementing a federally controlled digital currency. He even signed an executive order in 2022 to explore the options for usage. It would function via a virtual wallet where the state would withdraw money from a buyer’s account and deposit it in the seller’s account, recording every transaction. Ron DeSantis is less than enthusiastic about the idea, calling it a “complete disaster.”
The Florida governor was recently interviewed by John Stossel, who has been bringing Republican candidates and potential candidates for president on his program. This financial initiative was one of the main themes of his episode with DeSantis.
The central bank digital currency(CBDC) differs from cryptocurrencies in one major point: it is governed by a centralized body. “Sometimes government does things that may appear to be benevolent but really are kind of like a wolf in sheep’s clothing. This is a wolf coming as a wolf,” the Sunshine State governor said.
— Bitcoin News (@BitcoinNewsCom) May 8, 2023
“If you don’t trust central authority, then you should see this immediately as something that is very problematic,” DeSantis added in the interview, which already has more than 300,000 views on YouTube. The potential presidential candidate’s disdain for this initiative is so strong that he has already succeeded in getting the Florida Legislature to ban its use.
Florida has already banned the use of CBDC
On May 12, DeSantis signed two bills into law: SB 7054 and SB 214. The first prohibits using a federally adopted central bank digital currency (CBDC) by excluding it from the definition of money within the Florida Uniform Commercial Code. In contrast, the second prohibits credit card companies from using specific firearms merchant category codes and institutes a fine for violations of consumer protections.
“The government and large credit card companies should not have the power to shut off access to your hard-earned money because they disagree with your politics,” DeSantis said.
“Biden’s Central Bank Digital Currency aims to increase government control over people’s finances, and we will not allow it. In Florida, we value personal freedom and won’t allow self-interested elites to chip away at our liberty,” the governor added.