DeSantis touts bill that would ban use of any Fed-backed digital currency in Florida 

Quick Take

  • Florida Gov. Ron DeSantis proposed banning the use of central bank digital currency as money in his state’s commercial code.
  • The could-be GOP presidential candidate says he wants to “protect Floridians from the Biden administration’s weaponization of the financial sector.”

Florida Gov. Ron DeSantis introduced legislation that would ban the use of a federally adopted central bank digital currency in the state, accusing President Joe Biden of eyeing the technology for “surveillance and control.”

DeSantis, a Republican, on Monday announced the proposal that would prohibit the use of a CBDC as money within Florida’s commercial code, a move he says would “protect Floridians from the Biden administration’s weaponization of the financial sector.”

"Florida will not side with economic central planners; we will not adopt policies that threaten personal economic freedom and security,” DeSantis, who's widely considered as possible presidential candidate in next year's election, said in a statement.

The move comes after South Dakota Gov. Kristi Noem, also a Republican, vetoed a commercial code bill this month on the argumet that it might allow a central bank digital currency to be considered legal currency in the state, but would have excluded bitcoin from that state’s definition of money. While it had passed the Republican-majority state legislature, the measure faced opposition from some national Republican groups.

'No privacy'

While DeSantis first raised his opposition to centrally-controlled digital currencies last year, he's taken a friendlier approach toward decentralized tokens like bitcoin and has said he was working on ways for Floridians to pay taxes with crypto.  

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