Governor Ron DeSantis Signs Bill Prohibiting Use of Central Bank Digital Currencies in Florida

Governor Ron DeSantis Signs Bill Prohibiting Use of Central Bank Digital Currencies in Florida – Florida’s governor, Ron DeSantis, has signed a bill into law that explicitly prohibits the use of a federally adopted central bank digital currency (CBDC) as a form of money in the state. The approval of SB 7054 or HB 7049 by both the Florida House of Representatives and Senate led to the outlawing of CBDCs in Florida. 

The signing ceremony took place in Fort Myers and was attended by Wilton Simpson, the state’s 13th commissioner of agriculture, and Kathleen Passidomo, president of the Southwest Florida Public Service Academy at Fort Myers Technical College. The new anti-CBDC law will come into effect on July 1, 2023. 

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“They’re going to be able to have the window into what you’re doing with the money and the ability to control where that money is going,” DeSantis said during the signing ceremony. “They could block, if you filled up your gas tank too much, hey, they’re fighting global warming, ‘You can’t do any more.’ Maybe you bought a firearm last week. They don’t want you to buy another one this week.” Tom Emmer and Ted Cruz are among the GOP lawmakers who have introduced bills to oppose the use of CBDCs. 

In light of this, Governor DeSantis is encouraging other politicians and states to take a stance against CBDCs, following Florida’s lead. However, not everyone is supportive of this decision. Paul Krugman, a Nobel laureate and Keynesian economist, has criticized DeSantis, arguing that it’s improbable that a state government has the authority to prohibit the use of a CBDC. Although some Republican state leaders are against CBDCs, there are also some who are receptive to the idea. 

Interestingly, Democratic senator Elizabeth Warren from Massachusetts, who is renowned for her strong stance against corruption in the banking sector, is in favor of CBDCs. During a recent interview with NBC’s Chuck Todd, Warren expressed her endorsement of CBDCs, suggesting that “it’s time for us to embrace this direction.” Governor DeSantis is unwavering in his conviction that CBDCs jeopardize Florida’s financial security, and he is committed to spearheading the opposition against them. 

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During the signing ceremony in Fort Myers, DeSantis expressed his satisfaction that Florida is planning ahead, stating, “I’m just glad we are thinking ahead here in the state of Florida because once this genie is out of the bottle, I think it will be very hard to put back in.” There is a widespread belief that DeSantis is eyeing the presidency and will be a candidate in the 2024 United States presidential election.

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