Florida Gov. Ron DeSantis Proposes Law to Ban CBDCs

A legislative proposal from Florida Gov. (and possible Republican U.S. presidential candidate) Ron DeSantis would prohibit the use of a national central bank digital currency (CBDC) as money within his state.

"Today’s announcement will protect Florida consumers and businesses from the reckless adoption of a 'centralized digital dollar' which will stifle innovation and promote government-sanctioned surveillance," DeSantis said in a press release.

The proposed law would also prohibit in Florida the use of a CBDC issued by any overseas central bank. The governor's statement calls on other states to adopt similar legislation.

President Joe Biden last year issued an executive order for the federal government to study the possible uses and risks of a CBDC.

In addition to privacy concerns, DeSantis said a federal CBDC would diminish the role of community banks and credit unions.