June 7, 2023

Florida Gov. Ron DeSantis Signs Bill to Ban Digital Dollar

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Florida Gov. Ron DeSantis Signs Bill to Ban Digital Dollar

The governor of US Florida has signed a law banning the use of the US Federal Reserve's (FRS) digital currency in the state.

Earlier ban on the use of the digital dollarsupported by the House of Representatives and the State Senate. The new law against the state digital currency will come into force on July 1, 2023. Governor Ron DeSantis explained his position by saying that with the help of the digital dollar, the Fed will be able to control citizens' spending. DeSantis is convinced that the CBDC is a threat to financial stability:

“We're just thinking about the future of Florida.The authorities can freeze your money if they think you fill up your gas tank too often. They will call it fighting global warming. It may happen that you get a firearm and they don't want you to buy another one. Once this genie is out of the bottle, it will be very difficult to put it back in.”

Florida governor urged other statesfollow his example. In March, Texas Senator Ted Cruz also introduced a bill against the use of CBDC over fears that the state cryptocurrency could interfere with the adoption of bitcoin.

However, not all American politicians share thispoint of view. Democratic Senator Elizabeth Warren, known for her opposition to cryptocurrencies, supports the launch of a digital dollar. Last year, she urged the government to speed up its development.