Florida Govenor Ron DeSantis has reiterated his call to ban central bank digital currencies (CBDCs) during a recent visit to Jacksonville. At an event titled “Government of Laws, Not Woke Politics,” DeSantis stated that if the U.S. Federal Reserve or Treasury were to codify a CBDC, there would be a prohibition against it in his state.
DeSantis also spoke out against the government’s environmental social governance (ESG) standards during the visit. He signed a bill prohibiting Florida’s state funds from being used for ESG standards and investments, stating that he wanted to protect Floridians from ESG. DeSantis criticized the federal government’s CBDC ideas and expressed support for cryptocurrencies that are not associated with CBDCs.
Several Republican officials have criticized the idea of a CBDC, including Minnesota congressman Tom Emmer, Texas senator Ted Cruz, and Georgia representative Marjorie Taylor Greene. Democratic presidential candidate Robert Kennedy Jr. warned that a CBDC could lead to financial slavery. DeSantis emphasized his opposition to CBDCs during his visit to Jacksonville, stating that they would not be accepted in Florida.
“I don’t think Congress would authorize it, but if the Fed or the Treasury tries to do it unilaterally – in Florida, we [will] have a prohibition against that,” DeSantis said. “That’s ensuring your financial independence and making sure that we don’t have a financial surveillance state where they know every transaction that you’re making.”
DeSantis’ stance against CBDCs and support for cryptocurrencies not associated with central banks has sparked debate. Some support his concerns about financial surveillance and believe that cryptocurrencies provide more privacy and freedom, while others see CBDCs as a way to modernize the financial system and enhance financial stability.
Regardless of personal opinions, DeSantis’ statement highlights the importance of governments and regulators closely examining CBDCs and cryptocurrencies to determine their potential impacts on financial systems and individual privacy.
