The introduction of a Central Bank Digital Currency has become a vital talking point in the digital asset industry. Additionally, as countries are working on pilot programs for the implementation of such an asset, the US has begun discussions on its possible integration.

Florida Governor, Ron DeSantis, has recently announced his support of legislation that would ban a Central Bank Digital Currency (CBDC). Specifically, DeSantis stated his desire to pass legislation that would forbid the use of CBDCs as money, within the state.

The legislation would prohibit in Florida any CBDC that the U.S. Federal Reserve could introduce and any created by a foreign government, outlawing the technology entirely from being used as a form of money within the state.

The Florida Governor stated, “I am here to call on the legislature to pass legislation to expressly forbid the use of CBDC as money within Florida’s Uniform commercial code.” 

Additionally, he emphasized his desire for the state to continue innovation in the financial sector without a CBDC.

DeSantis also spoke against Government access to personal transactions, stating a CBDC as giving officials a direct view of all consumer activities. According to him, the introduction of such a digital currency would lead to the misuse of information.

“Any way they can get into society to exercise their agenda, they will do it. How do we know? Because we’ve seen this happen in other parts of the world.” DeSantis stated.

Conversely, the Florida Governor noted his belief in a stark difference between a CBDC and cryptocurrencies. Stating the latter should be decentralized in nature.