On May 12, Governor Ron DeSantis banned the use of centralized digital dollar in Florida, commonly known as the Central Bank digital currency (CBDC). Governor DeSantis signed the Bill prohibiting using cryptos after engaging in heated political exchanges in the past few days.
In his previous announcement, Governor DeSantis labeled CBDC as “woke politics,” He plans to implement practical strategies to address such politics. Citing the existing Florida law, Governor DeSantis explained that the general definition of money fails to elaborate more on the CBDC.
CBDC Ban in Florida
At a press conference at Southwest Florida Public Service Academy, Governor DeSantis mentioned that the Biden administration had revealed plans to conduct extensive research on CBDC in 2022. In their statement, the Biden team aimed to explore the benefits and risks of using crypto assets.
He added that to address climatic changes and criminal activities; the US authority might use “Big Brother’s Digital Dollar” to monitor individual spending behaviors and purchases. Governor DeSantis expounded on the disadvantages of using the CBDC, which deprives an individual of the right to exercise financial independence.
As such, adopting CBDC requires an individual to disclose all the transactions to the government. Therefore, the government’s involvement in crypto transactions undermined the financial privacy of Americans.
Scope of Governor DeSantis Bill
At the event, Governor DeSantis signed a bill restricting credit card companies in the region, including Mastercard and Visa, from using payment codes that cannot assist the regulators in tracking firearms and any ammunition on sale.
According to DeSantis, the new Bill safeguards the gun owner from exploitation. After analysing Governor DeSantis’s Bill SB-7054, the drawbacks of adopting CBDC outweigh the benefits.
A few days ago, Governor DeSantis presented the Bill before the US House of Representatives, and most of the members present voted for the Bill. It was reported that only one member was against the SB-7054 bill. Per DeSanti’s announcement, the new Bill will take effect from July 1.
In March, Governor DeSantis issued a presentation on crypto legislation that explained the impact of CBDC in “surveilling and controlling Americans.” During this presentation, the governor of Florida mentioned that technology possessed enormous capabilities to curb the gaps in the financial sector.
Crypto Regulation in Florida
Later, the governor tasked the legislators with duties to explore how Florida could use Bitcoin as a tax payment method. The governor proposed bill would apply to Floridian businesses only. The March announcement was one of DeSantis’ political campaign strategies for the presidential seat.
Even though DeSantis has not revealed his political manifesto, he was ranked the top suitable candidate for Republican Party nominees. In his political career, Governor DeSantis has taken a different route, launching a book revealing his plans on “woke politics.”