Florida Governor Ron DeSantis took a stand to protect the state’s consumers and businesses from the potential risks of Central Bank Digital Currency (CBDC) on Monday, with a proposed law that would ban their use.
The sweeping new legislative measure, if put into effect, would prohibit any CBDC issued by the Federal Reserve, or overseas foreign-sanctioned central banks from being adopted in Florida. It is hoped that other states will follow suit and join the initiative. At the press conference, Governor DeSantis expressed his concern about how these digital assets could potentially stifle innovation and encourage government surveillance instead of fostering an open marketplace. He also suggested that CBDCs are not yet ready for mainstream adoption due to their lack of adequate security standards and consumer protections.
The proposed bill is part of a larger effort to create a more secure financial system by preventing any risk posed by centralized digital currencies. In addition, DeSantis has also called upon other states to adopt similar measures in order to ensure an even playing field across the entire US when it comes to digital currencies. If successful, this could help safeguard citizens against potential problems and pave the way for a safer future for all online financial transactions.
