Florida’s Proposal to Ban CBDCs

TL;DR

Florida’s Governor, Ron DeSantis, simply proposed laws that goals to guard residents of the state of Florida from the potential dangers related CBDC’s and the elevated authorities surveillance which will include it.

It hasn’t been formally introduced but, however DeSantis appears to be like prone to run for President within the 2024 federal election.

It may result in extra states doing one thing related. However for now, a proposal is a proposal. It has little impression.

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We have harped on concerning the good, the unhealthy, and the ugly of central financial institution digital currencies (CBDC’s) previously.

As a fast recap:

CBDCs = authorities run stablecoins.

They sound innocent at first (and so they might be), except they’re used nefariously – like, say, if a authorities unexpectedly makes your checking account null and void since you bought one thing that wasn’t authorities accepted…

Florida’s Governor, Ron DeSantis, simply proposed laws that goals to guard residents of the state of Florida from the potential dangers related CBDC’s and the elevated authorities surveillance which will include it.

The attention-grabbing level right here although, is not a lot to do with the expertise itself.

It is to do with – dare we are saying it – politics.

This is a snippet from the proposal:

“Right now’s announcement will shield Florida shoppers and companies from the reckless adoption of a ‘centralized digital greenback’ which is able to stifle innovation and promote government-sanctioned surveillance.”

It hasn’t been formally introduced but, however DeSantis appears to be like prone to run for President within the 2024 federal election.

Stating his ideas early round government-sanctioned surveillance and being a number one state in innovation is prone to get him some votes (definitely from the big crypto neighborhood primarily based in Florida).

So, what is the impression of this proposal on crypto as a complete?

It may result in extra states doing one thing related. However for now, a proposal is a proposal. It has little impression.

What we do look ahead to, is reporting on the proposals and guarantees candidates could make across the Web3 house within the months/12 months forward!