DeSantis seeks to ban CBDCs in Florida over surveillance concerns.

Florida Governor Ron DeSantis proposed legislation banning digital currency issued by the US central bank, arguing that it would promote surveillance and stifle innovation. The Fed has been exploring the creation of a digital dollar, but DeSantis believes it would diminish the role of community banks and credit unions. While there is no official timeline for the launch of a Fed-issued digital dollar, it is set to launch its FedNow Service in July, which some view as a potential precursor to the launch of a CBDC. DeSantis called on other states to adopt similar prohibitions.