Benzinga – There was no surprise here as, expectedly, Florida Governor Ron DeSantis signed a Senate bill to prohibit the use of a federally-adopted central bank digital currency, or CBDC.
What Happened: “The legislation I signed today makes Florida the first state in the nation to protect individuals from government surveillance in their personal finances through a CBDC,” said DeSantis on Twitter.
The governor clarified that the move was meant to protect consumers against the efforts to impose a CBDC, which would shift purchasing power from consumers to the government. “Florida is siding with individual consumers,” he added.
The mode of banning is by excluding CBDC from the definition of money within Florida’s Commercial Code.
The bill also prohibits foreign-issued CBDC to protect consumers against globalist efforts to adopt a worldwide digital currency.
DeSantis said, “The government and large credit card companies should not have the power to shut off access to your hard-earned money because they disagree with your politics.”
Why It’s Important: CBDC is a digital form of central bank money made widely available to the public.
When the bill was first introduced, DeSantis said, “Biden administration’s efforts to inject a Centralized Bank Digital Currency is about surveillance and control.” The bill was first discussed by the state administration in late March, projecting it as the federal government’s weaponization of the financial sector.
Read Next: Desantis ‘Better’ Than Trump For President ‘But He’s A Really Weak Option:’ Wall Street Turns Away From Florida Governor
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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