CBDCs Under Threat: This Presidential Candidate Vows To ‘Nix’ Digital Currency Plans

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Florida Governor and U.S. Presidential candidate Ron DeSantis has voiced his opposition to the implementation of Central Bank Digital Currencies (CBDCs) in the United States. 

In a recent statement, he declared that if elected as President, he would put an end to any plans for CBDCs in the country.

CBDCs To Be Axed On Day One

DeSantis cited concerns about the potential threat to American liberty, arguing that a CBDC would allow the government to monitor and control citizens’ financial transactions, including the ability to prohibit purchases of items such as fuel and ammunition. 

He also suggested that the implementation of a CBDC would lead to the imposition of a social credit system in the country.

To counteract this perceived threat, DeSantis and the state of Florida have passed a law that refuses to recognize CBDCs within the state. He believes that other states will follow suit, effectively preventing the Federal Reserve from implementing a CBDC through executive action.

Furthermore, as the race for the Oval Office heats up, Florida Governor DeSantis has emerged as a vocal advocate for protecting the rights of Bitcoin and cryptocurrency traders in the United States. 

DeSantis Pledges To Protect Bitcoin

In a Twitter space conversation, DeSantis pledged to safeguard the civil liberties of those involved in the digital asset space, arguing that the realm of cryptocurrencies should not be subject to excessive regulatory control.

DeSantis’s stance on the issue reflects his broader commitment to individual liberties and his belief that the growth of the crypto ecosystem is a matter of protecting consumer interests and promoting innovation. 

The Governor has been critical of both regulatory bodies and the Biden administration, arguing that their reluctance to embrace cryptocurrencies stems from a desire for control.

According to DeSantis, Bitcoin, and other cryptocurrencies pose a “threat” to the central planners in Washington, as they empower individuals and bypass traditional systems of control. 

He has pledged to “protect the ability to do things like Bitcoin,” a promise that has resonated deeply with the crypto community amid growing regulatory concerns.

While DeSantis’s views may reflect the opinions of some Americans, the development of CBDCs is a complex issue that involves considerations of monetary policy, financial stability, and technology. Proponents of CBDCs argue that they could increase the efficiency and security of payment systems, reduce the potential for illicit activities, and enhance financial inclusion.

It remains to be seen whether DeSantis’s stance on CBDCs will gain traction among other policymakers and the public. However, his statement highlights the need for a careful and transparent discussion of the potential benefits and risks of CBDCs and the role they could play in the future of the US economy and investors. 

Bitcoin’s downtrend after reaching a new annual high on the 1-day chart. Source: BTCUSDT on TradingView.com

Featured image from Unsplash, chart from TradingView.com

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