Florida Becomes The First US State To Ban CBDCs

What comes as a shocker to the US government, Florida Governor, Ron DeSantis, has officially banned the issuance and use of Central Bank Digital Currencies (CBDCs) within the state. In addition, Floridians will be protected against the introduction of a Federal Reserve-issued digital currency which is slated to be introduced in the summer of this year owing to the new legislation.

Florida Bans Use Of CBDCs

The 46th governor of Florida has not been shy about voicing his opinion that there could be a number of fatal drawbacks associated with a digital currency regulated by the government. And therefore, in March of this year, DeSantis proposed fresh legislation that would outlaw the use of government-backed digital currency.

Read More: PEPE Coin’s Price On The Cusp Of Massive Drop, Here’s Why

In particular, the bill proposes to make it illegal under the Florida Uniform Commercial Code to treat any CBDC as a kind of legal tender. In addition to this, it has put safeguards in place to protect the state from any sort of external push to adopt the central currency. Moreover, DeSantish has urged the governments of the other states in the United States to join forces in order to pass similar legislation.

Florida Bans a Central Bank Digital Currency https://t.co/S8UfWrLZyc

— Ron DeSantis (@GovRonDeSantis) May 12, 2023

DeSantis’ Fight Against CBDC

On March 20, DeSantis issued a press statement in which he proclaimed his intention to ban the use of CBDCs and further added that consumers and investors would be shielded from the proliferation of digital currencies, which challenged the freedom and security of Florida citizens.

While taking a jab at the US government, DeSantis was quoted as saying:

It will protect Floridians from the Biden administration’s weaponization of the financial sector through a Central Bank Digital Currency.

The 44-year-old Republican has made similar comments in the past suggesting that a digital currency introduced by the government is about “surveillance and control” which is against the privacy of Floridian residents.

In the wake of this crypto news, the price of Bitcoin dropped by 0.08% in the past one hour and is currently exchanging hands at $26,321.57.

Also Read: Do Kwon To Be Released From Jail As Court Accepts $436K Bail

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.