Florida Governor Ron DeSantis officially bans central bank-backed cryptocurrencies. On Friday, he signed a bill addressing this plan.
US State bans these cryptocurrencies to restrict ‘government power’
The Florida Governor has officially signed the bill banning the use of central bank cryptocurrencies known as CBDCs. DeSantis says he is firm in his stance on CBDCs. He states that with this law, they will continue their struggle against the wake-up policy. With the law passed, CBDCs are now disabled in the Florida area.
DeSantis suggested that President Joe Biden’s administration wants to exclude and eliminate other types of cryptocurrencies last year and will review CBDCs. This move illustrates Florida’s approach to innovative financial technologies such as cryptocurrencies and CBDCs. It also stands out as a topic that will continue to be discussed. DeSantis’ May 12 speech confirming the CBDC ban:
What’s next?
The Florida Governor has officially signed the bill banning the use of CBDC. DeSantis warns that the government could hypothetically use CBDCs to track people’s activities. The bill was passed by just one vote in its final appearance in the Florida House of Representatives last week.
DeSantis announced a few days ago that they will accept Bitcoin as payment for state taxes. But he noted that only businesses can make payments. Meanwhile, DeSantis, a leading figure among potential Republican Party candidates, published a book outlining his stance against “wake-up” politics.
DeSantis emphasizes that as part of its move against CBDCs, the government wants to control people’s activities. He also underlined that CBDCs can be used for this purpose. Standing behind a podium using the phrase “Big Brother’s Digital Dollar,” he suggested that CBDCs could be used to stop people from buying gas for issues like global warming or to track how often a person buys firearms.
The use of any CBDC will be restricted
CBDC stands for central bank digital currency. Such cryptocurrencies are a digital version of a country’s official currency. CBDCs can be created using Blockchain or other distributed ledger technologies. However, they are seen as insecure due to the fact that they are under the control of governments.
Possible advantages of CBDCs include fast processing times, lower costs and financial opportunities. Disadvantages of CBDCs include concerns about the exclusion of people without proprietary technology from the financial system and the ability of governments to pursue greater financial monitoring. To this extent, the state of Florida intends to restrict the use of any CBDC in the region.
The bill, signed by Florida Governor Ron DeSantis on Friday, calls for action against the use of such cryptocurrencies. Additionally, other states were urged to enforce this law. hot development in Florida, cryptocoin.comIt comes in the middle of the pullback plans of Binance and Bakkt, which you are following from.
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