Florida Governor On Why CBDCs Not Good For The US Citizens

Also Read: Top Crypto Presale Projects For 2023 To Invest; Updated List

advertisement

On May 12, 2023, a bill was passed to propose to make it illegal under the Florida Uniform Commercial Code to treat any CBDC as a kind of legal tender. This essentially means Florida became the first state in the U.S. state to initiate legislative action against the implementation of CBDCs on its public.

Why CBDCs Are Bad For The US

Speaking in a Twitter Spaces that also had Billionaire Elon Musk in participation, the Florida Governor explained how the Biden government plans to weaponize the spending patterns of the people via surveillance of the CBDCs. In his initial remarks, DeSantis said Florida is the first state that said it does not recognize Central Bank Digital Currencies (CBDCs). Quoting the US Federal Reserve’s stance on CBDC bill, the Governor said the Congress would not authorize the use of CBDCs.

“I don’t think Congress would authorize it (CBDC bill). We are trying to protect people from CBDCs in Florida. That would mean a huge imposition in people’s financial freedoms and financial privacy. If the central authority has control over it, they would start imposing environmental, social and governance (ESG) criteria.”

Recommended Articles

The Crypto Market community has also been opposing the implementation of CBDCs, as the central bank issued digital currencies would mean undermining of the trust in digital assets space.

Also Read: Bitcoin Likely Bullish Over US Fed’s Uncertain Outlook For Next Few Months

Comments

Popular posts from this blog

Bybit seeks crypto license in Hong Kong

Insider trader turns $1,000 to $1 million in three hours

BlockFi used customer money to buy $30M insurance, creditors claim