Governor Ron DeSantis (R-FL) revealed a proposal on Monday meant to combat the possible implementation of a central bank digital currency by the Federal Reserve and the Biden administration.
Critics of a potential central bank digital currency note that the asset, which would be managed by the Federal Reserve and tethered to the value of the dollar, would create opportunities for government surveillance and control of private citizens. DeSantis proposed legislation that would ban the recognition of central bank digital currencies, whether from the federal government or an overseas central bank, as money under Florida’s Uniform Commercial Code.
“The Biden administration’s efforts to inject a Centralized Bank Digital Currency is about surveillance and control,” DeSantis said in a press release. “Today’s announcement will protect Florida consumers and businesses from the reckless adoption of a ‘centralized digital dollar’ which will stifle innovation and promote…
