On his first day in office, the Republican presidential candidate pledged to obstruct CBDCs.
Ron DeSantis, a Republican running for president, declared on July 4 that if won, he will immediately abolish central bank digital currency (CBDC).
In a conversation with Blaze Media, DeSantis stated:
“If I am the president, on day one, we will nix central bank digital currency — done, dead, not happening in this country … [a] CBDC is a massive threat to American liberty, [and] on January 20, 2025, it goes the ash heap of history.”
DeSantis stated that the Federal Reserve intends to confer with both the legislative and executive branches of the U.S. government and « ideally » have legislation allowing a CBDC approved.
These remarks are in reference to a report from 2022 in which DeSantis-like assertions were made by the Federal Reserve. However, same paper also said that the Federal Reserve « takes no position on the ultimate desirability » of a central bank digital currency and that the Federal Reserve « does not intend to advance any specific policy. » According to the Federal Reserve’s FAQ website, the organization has not yet made the decision to establish a CBDC.
Yet, according to DeSantis, state-level limitations will prevent the Federal Reserve from establishing a CBDC and, in the event that it does, lead to legal disputes.
DeSantis pointed out that Florida, where he is governor, has already outlawed CBDCs. As a result, the state would not accept any CBDCs as legal tender. DeSantis anticipates that other states will follow Florida’s lead and impose similar restrictions on CBDCs.
Concerns regarding the WEF are addressed by DeSantis
DeSantis also highlighted worries about the World Economic Forum (WEF), saying that the organization intends for governments to ban « undesirable purchases » like fuel and weapons through the usage of CBDCs by eliminating cash and cryptocurrency.
This remark pertains to remarks made by Eswar Prasad, a professor at Cornell University, at a WEF session in June. There, Prasad offered conflicting opinions and claimed that CBDCs would result in a « potentially better, or some might say, a darker world. » He also mentioned the purchase of pornography, weapons, and narcotics as possible items that might be outlawed by CBDCs. In the WEF, Prasad holds no official role.
Despite DeSantis’ vague assertions, several nations who are implementing CBDCs speak of transaction tracking and limits on unauthorized purchases, which are already practices in the financial sector.
Decentralization supporters think that this constrictive strategy is in opposition to the principles that underpin Bitcoin and other widely used cryptocurrencies.
