Ron DeSantis, governor of Florida and presidential candidate for the United States, has said again that he does not want a CBDC. He is against the idea of a “digital dollar” in America. He also said that he would have these digital currencies banned if he were elected president.
No CBDC is America
At an event called the Family Leadership Summit on July 14, Ron DeSantis made a clear promise. If he becomes president, he will ban CBDCs in the US on day one. He made this known at a rally in Iowa, saying:
If I am the president, we will do away with central bank digital currencies on day one. Finished. This is not going to happen in this country
—Ron DeSantis
DeSantis is an outspoken opponent of a digital dollar in the United States. In May, he signed a bill in Florida that the use of federal CBDCs as money. He also wants to ban the use of foreign CBDCs. DeSantis thinks that these types of coins ensure that ordinary people have less power and the central bank more power.
More and more CBDC initiatives
A central bank digital currency, more commonly known as CBDC, is essentially just a digital variant of traditional fiat currency issued by a central bank. However, a CBDC brings the benefits of digital assets, making it a hot topic.
Nevertheless, this new kind of currency is viewed with suspicion by some, especially within the crypto community. Critics strongly argue that CBDCs pose a threat to citizens’ privacy and could pave the way for comprehensive government control. On the other hand, it is seen by some as a powerful tool to promote the adoption of digital currencies and realize a global application for blockchain technology.
A remarkable increase
A remarkable increase in the number of CBDC projects has been observed in the past year. Research on this technology is currently being conducted in more than 100 countries. In addition, at least 39 of these countries have either a CBDC pilot, proof-of-concept or other related initiatives in the pipeline or already underway.
The US Federal Reserve is reportedly in no rush to launch a digital dollar. However, after next year’s elections, this policy could change. The reason for this is that more and more candidates are bringing up crypto-related topics in their early campaigns.
Take, for example, Robert F. Kennedy Jr., who has been actively promoting Bitcoin since May as part of his campaign for the Democratic Party nomination for president. He recently revealed that he has invested up to $250,000 in Bitcoin, showing that cryptocurrency is gaining more and more attention in the political arena.
Conclusion
The emergence and potential implementation of central bank digital currencies (CBDCs) remains a divisive topic. While there is an increasing number of CBDC projects and studies globally, with 39 countries already running pilot programs or similar initiatives, there is strong opposition to a digital dollar in the United States.
In particular, Florida governor and presidential candidate Ron DeSantis has taken a staunch stance against the introduction of CBDCs, even promising to ban them if elected president. Meanwhile, other political figures, such as Robert F. Kennedy Jr., continue to bring the discussion of digital currencies and blockchain technology into the political arena. It is clear that the future of CBDCs in the US is uncertain and will depend heavily on the outcome of the upcoming election.
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