Ron DeSantis Proposes Bill to Ban CBDCs in Florida
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Ron DeSantis Proposes Bill to Ban CBDCs in Florida

According to the press release, DeSantis’ move to ban CBDCs is aimed at preventing government surveillance and backdooring “woke ideology” into the financial system.
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In a Monday press release, Florida Governor Ron DeSantis unveiled a bill proposal that would ban the use of CBDCs in the state. DeSantis, otherwise known for his crypto-friendly stance, claims the proposal is meant to combat “the Biden administration’s weaponization of the financial sector through a Central Bank Digital Currency”.

DeSantis Introduces Bill That Would Ban CBDCs in Florida

On Monday, March 20th, Florida Governor, and possible Republican party presidential candidate, Ron DeSantis unveiled a new bill aimed at banning the use of a central-bank digital currency in the state. According to the Governor, the plan for the issuance of a CBDC is about “surveillance and control” and, if implemented, would also “stifle innovation”:

“The Biden administration’s efforts to inject a Centralized Bank Digital Currency is about surveillance and control. Today’s announcement will protect Florida consumers and businesses from the reckless adoption of a ‘centralized digital dollar’ which will stifle innovation and promote government-sanctioned surveillance. Florida will not side with economic central planners; we will not adopt policies that threaten personal economic freedom and security.”

The press release also likens the issuing of a CBDC to a “backdoor” to from bringing “woke ideology like Environmental, Social, and Governance (ESG)” into the financial sector. DeSantis also invited other states to introduce similar bills to prohibit the use of a central-bank digital currency within their borders.

DeSantis has previously proven to be open to more general crypto adoption. In August 2022, for example, Florida started allowing businesses to pay their state taxes using digital assets.

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As CBDCs Developments Continues, More Opposition to Their Implementation Emerges

Florida’s Governor isn’t the first to voice a concern that the introduction of a CBDC could lead to closer government surveillance. In April, a debate centered on the issue started in Europe and the ECB stated that the digital Euro would not be as anonymous as cash. More recently, with the work on a digital pound well underway, a UK advocacy group started a campaign in an effort to prevent its introduction.

Under the slogan “Save privacy, stop CBDCs” a think tank called the Tax Reform Council started a campaign against the digital pound in mid-February, The group called the e-currency  “an unprecedented incursion by tax authorities.” and warned that its implementation would enable the government to easily track the information about every transaction in a centralized ledger and could compromise public oversight of the authorities. 

Despite the opposition, numerous countries across the world have embraced work on their own central-bank digital currencies. Currently, all G7 and 18 G20 economies have moved into the development stage. In early March, Australia’s central bank revealed its selection of use cases for the ongoing national digital currency pilot.

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Do you think the introduction of a CDBC could significantly increase government surveillance? Let us know in the comments below.