Ron DeSantis, the governor of Florida and a presidential candidate, said he would safeguard locals against national or global central bank digital currencies.
Florida Governor Ron DeSantis proposes a ban on central bank-issued digital currencies in a new bill. DeSantis has urged comparable governors to oppose the federal government’s “monitoring and control” and pass similar measures under their business codes.
The measure would safeguard Floridians against a foreign central bank-issued global digital currency if enacted.
DeSantis highlighted that Florida would not tolerate the loss of economic liberty. The Foundation for Government Accountability’s Tarren Bragdon said he backed the law and opposed an “out-of-control” federal bureaucracy.
The Federal Reserve of the United States has announced that the FedNow payments system will start in July 2023.
FedNow, widely regarded as a predecessor to a programmable CBDC, aims to settle payments between merchants, customers, and banks rapidly. The transactions do not use blockchain technology.
In May last year, Fed Vice Chair Lael Brainard said that FedNow fulfills almost the same job as a CBDC. A CBDC would be legal tender as opposed to a real-time payment mechanism.
Participants in the pilot must go through a process of consumer testing and certification. In contrast to DeSantis, legislators in around 20 other states, such as New Hampshire, North Dakota, Texas, and California, support pro-CBDC legislation.
Recently, South Dakota Governor Kristi Noem rejected House Bill 1193, which would establish a federal CBDC.
The bill seeks to change portions of the Uniform Commercial Code, a set of non-federal legislation in effect in all fifty states of the United States.
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