Ron DeSantis vows to ban CDBC in the US if elected president

United States presidential candidate Ron DeSantis has once again criticized the central bank digital currency (CBDC), arguing against the possibility of a digital dollar in the country.

Speaking at the Family Leadership Summit on July 14, DeSantis vowed to ban CBDCs in the US if he is elected president. “If I were president, on day one, we would abolish central bank digital currency. Done. Dead. Not happening in this country,” he said at an event in Iowa that featured six other Republican candidates.

DeSantis is an outspoken opponent of the digital dollar in the United States. In May, he passed a law in Florida prohibiting the use of federal CBDCs as money, along with a ban on the use of foreign CBDCs, claiming that it would lead to “massive transfers of power from consumers to central authorities”.

Tucker Carlson and Ron DeSantis during the Family Leadership Summit. Source: NBC News.

Central bank digital currency is not too different from the traditional currency issued by central banks. It can be defined as a digital version of a fiat currency, bringing the convenience of digital assets.

However, it has long been a source of controversy within the crypto community, with opponents claiming CBDC threatens citizens’ privacy and could lead to absolute government control, while others see it as a tool to increase global adoption and use cases for blockchain. technology.

According to Cointelegraph’s CBDC database, CBDC projects have grown significantly in recent years, with more than 100 countries exploring the topic and at least 39 countries having CBDC pilots, proof-of-concepts or other related initiatives underway.

US Federal Reserve reported having no plans to issue digital dollars soon, but this could change after next year’s election, as more candidates discuss crypto-related topics during their initial campaigns. Robert F. Kennedy Jr. has been promoting Bitcoin since May as part of his campaign for the Democratic presidential nomination. He recently disclosed Bitcoin investments worth up to $250,000.

Magazine: Crypto Regulation — Does SEC Chairman Gary Gensler have the final say?

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