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Home From the Editors Ron DeSantis vows to ban CDBCs in the US if elected president

Ron DeSantis vows to ban CDBCs in the US if elected president

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Speaking at the Family Leadership Summit on July 14, DeSantis promised to ban CBDCs in the United States if he is elected president.

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United States presidential candidate Ron DeSantis once again criticized central bank digital currencies (CBDCs), arguing against the possibility of a digital dollar in the country. 

Speaking at the Family Leadership Summit on July 14, DeSantis promised to ban CBDCs in the U.S. if he is elected president. “If I am the president, on day one, we willnix central bank digital currency. Done. Dead. Not happening in this country,” he said during the event in Iowa, which featured six other Republican candidates.

DeSantis is a vocal opponent of a digital dollar in the United States. In May, he passed a bill in Florida that prohibits the use of federal CBDCs as money, along with banning the use of foreign CBDCs, claiming it would lead to a “massive transfer of power from consumers to a central authority.”

Tucker Carlson and Ron DeSantis during the Family Leadership Summit. Source: NBC News.

A central bank digital currency isn’t too different from a traditional currency issued by a central bank. It can be defined as a digital version of fiat currency, bringing with it the conveniences of digital assets.

However, it has long been a source of controversy in the crypto community, with opponents claiming CBDCs threatens citizens’ privacy and could lead to absolute government control, while others see it as a tool to boost adoption as well as a global use case for blockchain technology.

According to Cointelegraph’s CBDC database, CBDC projects have grown significantly in recent years, with over 100 countries exploring the topic and at least 39 nations that have either a CBDC pilot, proof-of-concept or other related initiatives underway.

The US Federal Reserve has reportedly no plans to issue a digital dollar soon, but this may change after next year’s election, as more candidates are discussing crypto-related topics during their early campaigns. Robert F. Kennedy Jr. has been promoting Bitcoin since May as part of his campaign for the Democratic nomination for president. He recently disclosed up to $250,000 worth of Bitcoin investments.

Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?

 

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