Cryptocurrency Market News: After the recent legislation banning the use of Monetary Authority Digital currencies (CBDCs) in Florida, the state’s Governor Ron DeSantis on Wednesday came out heavily in criticism of the Biden administration’s plans. In addition to banning the issuance and use of CBDCs, the people of Florida will likewise be protected against the introduction of a soon to be launched Federal Reserve- announced digital currency. DeSantis stated how the CBDCs can be used for surveillance objectives and how the Federal Government will be able to control the financial habits of the United States citizens.
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 1st state in the United States 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 likewise had Billionaire Elon Musk (Tesla & SpaceX CEO) in participation, the Florida Governor explained how the Biden Government intends to weaponize the spending patterns of the people via surveillance of the CBDCs. In his initial remarks, DeSantis stated Florida is the 1st state that stated it does not recognize Monetary Authority Digital currencies (CBDCs). Quoting the United States Federal Reserve’s stance on CBDC bill, the Governor stated the Congress would not authorize the use of CBDCs.
“I do not think Congress would authorize it (CBDC bill). We are trying to guard 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.”
The cryptocurrency market community has likewise been opposing the implementation of CBDCs, as the monetary authority announced digital currencies would mean undermining of the trust in digital assets space.