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Florida to ban central bank digital currency (CBDC)

To protect residents from potential risks, the Sunshine State plans to ban the U.S. CBDC.

By Mike Hesp
• 1 min read
Florida to ban central bank digital currency (CBDC)

To protect residents from potential risks, the Sunshine State plans to ban the U.S. CBDC.

Governor Ron DeSantis of Florida yesterday introduced a bill to ban the United States' central bank digital currency. DeSantis says he’s worried about the potential CBDC risks and the increased government scrutiny it could bring, he said. Another argument against its use is the threat to financial stability, the governor said.

"The Biden administration's push to roll out a centralized digital dollar is all about oversight and control," he said.

"Today's announcement will shield Florida consumers and businesses from the reckless rollout of a centralized digital dollar that would stifle innovation and invite government-sanctioned oversight," DeSantis added.

The law is also intended to protect Florida residents from a global digital currency issued by a foreign central bank.

Florida is meanwhile regarded as a crypto-friendly US state. In addition to the option to pay tax bills with crypto, the Sunshine State is exploring blockchain technology implementation.

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