DeSantis declared that if he were to be elected president, he would outlaw CBDCs in the US while speaking at the Family Leadership Summit on July 14th.
Ron DeSantis, a contender for the presidency of the United States, has reiterated his vehement opposition to central bank digital currencies (CBDCs), promising to forbid their adoption in the nation if elected. DeSantis clearly declared,
"If I am the president, we will ban central bank digital currency on day one," when speaking at the Family Leadership Summit on July 14th. Done. Dead. Not taking place in our nation.
The event was held in Iowa and featured six additional Republican contenders.
DeSantis has been a vocal opponent of the American digital dollar. In Florida, he was successful in passing a bill in May that forbids both the use of domestic CBDCs as legal cash and the acceptance of CBDCs from other countries. According to DeSantis, the use of CBDCs would lead to a “massive transfer of power from consumers to a central authority.”
CBDCs Continue to Spark Controversy in Crypto Community
Digital currencies issued by central banks have generated a lot of controversy in the cryptocurrency world. A CBDC is essentially a digital form of fiat money issued by a central bank, but its detractors are concerned about privacy invasions and the possibility of excessive government control. Conversely, advocates see CBDCs as a way to promote greater use of digital assets and as a major application of blockchain technology worldwide.
The number of CBDC initiatives has increased dramatically recently, with more than 100 countries investigating the idea, according to Nosisnews’s CBDC database. At least 39 nations have already started CBDC pilot projects, proof-of-concept research projects, or efforts connected to it.
Although the US Federal Reserve does not presently have any intentions to create a digital dollar, its position may change depending on the results of the election that will take place in 2018. The environment could change as more politicians incorporate cryptocurrency-related issues into their early campaigns.
For instance, Democratic presidential candidate Robert F. Kennedy Jr. has been aggressively pushing Bitcoin since May and recently revealed interests in the cryptocurrency worth up to $250,000.