Crypto Market News: Following the recent legislation banning the use of Central Bank Digital Currencies (CBDCs) in Florida, the state’s Governor Ron DeSantis on Wednesday came out heavily in criticism of the Biden administration’s plans. Besides banning the issuance and use of CBDCs, the people of Florida will also be protected against the introduction of a soon to be launched Federal Reserve-issued digital currency. DeSantis explained how the CBDCs can be used for surveillance purposes and how the Federal government will be able to control the financial habits of the U.S. citizens.

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On May 12, 2023, a bill was passed to propose to make it illegal under the Florida Uniform Commercial Code to treat any CBDC as a kind of legal tender. This essentially means Florida became the first state in the U.S. state to initiate legislative action against the implementation of CBDCs on its public.

Why CBDCs Are Bad For The US

Speaking in a Twitter Spaces that also had Billionaire Elon Musk in participation, the Florida Governor explained how the Biden government plans to weaponize the spending patterns of the people via surveillance of the CBDCs. In his initial remarks, DeSantis said Florida is the first state that said it does not recognize Central Bank Digital Currencies (CBDCs). Quoting the US Federal Reserve’s stance on CBDC bill, the Governor said the Congress would not authorize the use of CBDCs.

“I don’t think Congress would authorize it (CBDC bill). We are trying to protect people from CBDCs in Florida. That would mean a huge imposition in people’s financial freedoms and financial privacy. If the central authority has control over it, they would start imposing environmental, social and governance (ESG) criteria.”

The crypto market community has also been opposing the implementation of CBDCs, as the central bank issued digital currencies would mean undermining of the trust in digital assets space.

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Reach out to him at [email protected].

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