Multiple US States Consider Banning Central Bank Digital Currencies Following Florida's Lead

Multiple US States Consider Banning Central Bank Digital Currencies Following Florida's Lead

Florida Governor Ron DeSantis has signed a bill that bans central bank digital currencies (CBDCs) in the state, and now other states are considering similar measures. Louisiana, Alabama, Texas, and North Dakota have all drafted bills opposing the implementation of a digital dollar.

Unlike decentralized cryptocurrencies like Bitcoin and Ethereum, CBDCs are overseen and operated by a centralized entity.

The Federal Reserve, America's central bank, has been discussing CBDCs but has not provided substantial details on whether it plans to release one. Fed Chairman Jerome Powell stated in March that the decision on a CBDC in the United States had not been finalized.

Robert F. Kennedy Jr., a potential Democratic candidate in the upcoming presidential election, has joined Governor DeSantis in opposing CBDCs. Kennedy expressed concerns on Twitter. He believes it would lead to financial control and loss of freedom.

While lawmakers across the United States are expressing worries about CBDCs, none of the draft bills have progressed as far as Florida's legislation. Opponents argue that a digital dollar could result in excessive government surveillance and control, raising concerns about privacy and individual freedoms.

 

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Source

Policy and Regulation

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