Quote
Florida Governor Ron DeSantis has proposed a law that would prohibit the use of a federally adopted central bank digital currency as money within the state, according to a Monday release.
"Today’s announcement will protect Florida consumers and businesses from the reckless adoption of a 'centralized digital dollar' which will stifle innovation and promote government-sanctioned surveillance," DeSantis said in a statement.
While the U.S. has not yet created a CBDC -- a central bank-issued digital currency representing a nation's fiat currency -- both the Biden administration and the Federal Reserve have been assessing the potential risks and benefits since last year.
DeSantis' proposed law would also forbid the use of a CBDC issued by a foreign central bank, calling on other states to adopt similar restrictions.
Here's an in-depth take on what CBDCs are and how they are different from cryptocurrencies.
In January, Bank of America argued that CBDCs are the future of money and payments as most of the globe explores them.
https://www.msn.com/en-us/money/markets/florida-governor-ron-desantis-calls-for-ban-on-cbdc/ar-AA18RGkl
"Today’s announcement will protect Florida consumers and businesses from the reckless adoption of a 'centralized digital dollar' which will stifle innovation and promote government-sanctioned surveillance," DeSantis said in a statement.
While the U.S. has not yet created a CBDC -- a central bank-issued digital currency representing a nation's fiat currency -- both the Biden administration and the Federal Reserve have been assessing the potential risks and benefits since last year.
DeSantis' proposed law would also forbid the use of a CBDC issued by a foreign central bank, calling on other states to adopt similar restrictions.
Here's an in-depth take on what CBDCs are and how they are different from cryptocurrencies.
In January, Bank of America argued that CBDCs are the future of money and payments as most of the globe explores them.
https://www.msn.com/en-us/money/markets/florida-governor-ron-desantis-calls-for-ban-on-cbdc/ar-AA18RGkl
....
I don't remember anyone in a position of power and authority proposing broadscale, all encompassing bans on CBDC before. This could be the first time a proposal like this has been made.
Quote
"Today’s announcement will protect Florida consumers and businesses from the reckless adoption of a 'centralized digital dollar' which will stifle innovation and promote government-sanctioned surveillance," DeSantis said in a statement.
The only CBDC ban I remember is the USA banning venezuela's CBDC the petro:
Quote
First U.S. cryptocurrency ban outlaws Venezuela’s CBDC ‘Petro’ coin
The U.S. executive branch issued an executive order prohibiting the use or purchase of Venezuela’s Petro cryptocurrency, claiming the currency was issued unlawfully in an effort to circumvent U.S. sanctions against Venezuela, and in particular the President Nicolás Maduro’s regime.
“All transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after January 9, 2018, are prohibited as of the effective date of this order,” the executive order reads.
https://www.digitaltrends.com/computing/us-bans-petro-cryptocurrency/
The U.S. executive branch issued an executive order prohibiting the use or purchase of Venezuela’s Petro cryptocurrency, claiming the currency was issued unlawfully in an effort to circumvent U.S. sanctions against Venezuela, and in particular the President Nicolás Maduro’s regime.
“All transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after January 9, 2018, are prohibited as of the effective date of this order,” the executive order reads.
https://www.digitaltrends.com/computing/us-bans-petro-cryptocurrency/
But in terms of history, there has never been a proposal for a widespread ban of all CBDC.
Over the past few weeks, I've thought about what CBDC means in terms of history. Is it simply another shitcoin? Is it visa and mastercard for central banks?
Given the way governments and state bureaucracies are structured. Have we seen past hierarchies where central banks are integrated into retail markets to the degree which a CBDC would allow? It is an interesting topic to think about.