DeSantis Takes Strong Stance Against Digital Currency and Promotes Financial Privacy in Florida

Florida Governor Ron DeSantis has signed legislation to ban the use of a central bank digital currency (CBDC) in the state, arguing that such a monetary system would give the federal government unprecedented power over consumers and businesses. The new law also implements protections against a central global currency by prohibiting any CBDC by a foreign reserve or sanctioned central bank and calls on other states to join in passing similar legislation. DeSantis has previously claimed the Biden administration is seeking "surveillance and control" through a CBDC and argues the ban is important to protect consumers against government oversight of individual purchases and prevent potential restrictions on purchases.