Florida Governor Ron DeSantis has proposed legislation to prohibit the use of CBDCs.

 

Florida Governor Ron DeSantis has stated his support for legislation to prohibit the use of CBDCs (Central Bank Digital Currency) in Florida. He stated in a speech that implementing a CBDC would give the government direct access to personal financial transactions, potentially leading to information misuse. DeSantis supports financial innovation while protecting Floridians’ financial freedom.

 

Governor DeSantis has stated unequivocally that he believes the establishment of a CBDC in Florida would be detrimental to its citizens’ financial freedom. The state is taking a stand against government surveillance of personal finances by prohibiting the use of CBDCs as money. The Governor believes that Florida should continue to encourage financial sector innovation while protecting the privacy and security of its citizens’ financial transactions.

No CBDC in Florida https://t.co/p9pwSTmrlN

— Ron DeSantis (@GovRonDeSantis) March 20, 2023

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Misuse of Information.

Governor DeSantis is concerned that the establishment of a CBDC will provide government officials with a direct view of all consumer activities. As a result, personal financial information could be misused. He stated that governments in other parts of the world have used access to personal information to further their agendas. The Governor’s desire to protect Floridians’ financial privacy is a key factor in prohibit the use of CBDCs.

 

Difference Between CBDCs and Cryptocurrencies.

While Governor DeSantis is opposed to the implementation of a CBDC, he noted a key distinction between CBDCs and cryptocurrencies. DeSantis stated that cryptocurrencies are decentralized in nature, whereas a CBDC would be controlled by the government. This distinction is important for those who believe financial privacy is essential, and it may lead to the adoption of cryptocurrencies as an alternative to a CBDC.

 

Governor DeSantis’ opposition to the establishment of a CBDC in Florida emphasizes the importance of preserving financial liberty and privacy. By opposing government surveillance of personal finance, Florida promotes financial innovation while protecting its citizens’ privacy and security.