Florida Governor Ron DeSantis has recently signed a bill that prohibits the introduction of a “centralized digital dollar” in the state. During a press conference held in Fort Myers on May 12, DeSantis made the announcement, standing behind a podium labeled “Big Brother’s Digital Dollar” to emphasize his stance against the concept of central bank digital currencies (CBDCs).
Governor DeSantis expressed concern during the conference about the increasing trend of governments imposing restrictions on their citizens using various tools at their disposal. He argued that the inclusion of a CBDC in this toolset would not be conducive to freedom. DeSantis pointed out that the Biden administration’s interest in studying CBDCs indicates an intention to implement them in the near future, which he believes would enable the government to monitor citizens’ transactions in real time, thereby limiting financial independence.
DeSantis further stated that CBDCs are fundamentally at odds with the principles of a free society as they transfer power from consumers to a centralized authority. He expressed doubt that Congress would ever approve the implementation of a CBDC. However, in the event that it does, the protections outlined in the bill he signed would serve as an important safeguard against any misuse of power by the federal government. The bill in question, Senate Bill 7054, was introduced at the end of March and has received swift approval from various House committees. Once signed into law, it will officially prohibit the issuance and validation of any digital currency, digital medium of exchange, or digital monetary unit of account by the Federal Reserve, foreign central banks, or financial regulators. The bill also amends the definition of money to explicitly exclude CBDCs.