Florida Governor Ron DeSantis Proposes Ban on CBDC Usage

Florida Gov. Ron DeSantis, who is said to be considering a run for the US presidency as a Republican candidate, has proposed legislation that would prevent the use of a national central bank digital currency (CBDC) as legal tender in the state. In a press release, DeSantis stated that the proposal would protect businesses and consumers from the potential negative impact of a “centralized digital dollar,” which could stifle innovation and allow for government-sanctioned surveillance.

The bill would also prohibit the use of a CBDC issued by a foreign central bank in Florida, while encouraging other states to pass similar legislation.

In addition to privacy concerns, DeSantis also cited the potential for a federal CBDC to reduce the role of community banks and credit unions. Meanwhile, President Joe Biden has ordered a study into the possible uses and risks of a CBDC.