DeSantis Takes Strong Stance on Digital Currency and Privacy in Florida

Florida Governor Ron DeSantis has signed a law banning any central bank digital currency (CBDC) issued by the US for use in Florida, citing concerns over government surveillance and control. The law prohibits the use of a federally adopted CBDC as money within Florida’s Uniform Commercial Code and calls on other states to adopt similar legislation. The Federal Reserve has made no decisions to implement or pursue a CBDC, but has explored potential benefits and risks. CBDC has the potential to offer advantages such as faster and cheaper payments, but also poses risks and raises important policy questions.