Gov. Ron DeSantis signs bill outlawing federal central bank cryptocurrency from being used in Florida
By JD Heyes // May 16, 2023

Florida Gov. Ron DeSantis, who is widely expected to jump into the 2024 GOP presidential primary race that is currently being led by former President Donald Trump -- himself a resident of the Sunshine State -- has signed legislation that bans the use of federally adopted central bank cryptocurrency in his state.

DeSantis, accompanied by Commissioner Wilton Simpson and President Kathleen Passidomo, signed the bill at the Southwest Florida Public Service Academy at Fort Myers Technical College, according to Fox 4.

"DeSantis announced comprehensive legislation to protect Floridians from the Biden administration’s weaponization of the financial sector through a Central Bank Digital Currency (CBDC)," the outlet reported further, adding what the law does:

  • Expressly prohibiting the use of a federally adopted Central Bank Digital Currency as money within Florida’s Uniform Commercial Code (UCC).
  • Instituting protections against a central global currency by prohibiting any CBDC issued by a foreign reserve or foreign sanctioned central bank.
  • Calling on likeminded states to join Florida in adopting similar prohibitions within their respective Commercial Codes to fight back against this concept nationwide.

Central bank cryptocurrencies (CBCCs) have been a hot topic of discussion among economists and policymakers in recent years. While the idea of a digital currency issued by a central bank has its advantages, there are also concerns that need to be addressed before such a currency can be implemented.

Human knowledge is under attack! Governments and powerful corporations are using censorship to wipe out humanity's knowledge base about nutrition, herbs, self-reliance, natural immunity, food production, preparedness and much more. We are preserving human knowledge using AI technology while building the infrastructure of human freedom. Use our decentralized, blockchain-based, uncensorable free speech platform at Brighteon.io. Explore our free, downloadable generative AI tools at Brighteon.AI. Support our efforts to build the infrastructure of human freedom by shopping at HealthRangerStore.com, featuring lab-tested, certified organic, non-GMO foods and nutritional solutions.

One of the main concerns about CBCCs is privacy. A CBCC would likely require users to have a digital wallet that is linked to their identity, which could potentially compromise their privacy. This is particularly concerning given that central banks have access to a wealth of financial data that could be used to monitor and track individuals’ spending habits. To address this concern, central banks would need to ensure that CBCCs are designed with strong privacy protections that prevent unauthorized access to user data.

Another concern is the potential for CBCCs to disrupt the traditional banking system. One of the main benefits of CBCCs is that they would enable peer-to-peer transactions without the need for intermediaries such as banks. While this could be beneficial for consumers, it could also lead to a loss of control for central banks over the money supply, which could have significant implications for monetary policy. To mitigate this risk, central banks would need to carefully consider the design of CBCCs and how they would fit within the existing monetary system.

A related concern is the potential for CBCCs to destabilize the financial system. If a CBCC were to gain widespread adoption, it could potentially undermine the stability of the banking system by reducing the demand for traditional bank deposits. This could in turn lead to a decrease in lending and investment, which could have negative effects on the economy as a whole. To address this concern, central banks would need to carefully consider the impact of CBCCs on the financial system and take steps to ensure that they do not pose a systemic risk.

There are also concerns around the technical feasibility of CBCCs. While blockchain technology has made significant strides in recent years, it is still in its early stages and there are significant technical challenges that need to be overcome before CBCCs can be implemented. These challenges include scalability, security, and interoperability with existing financial systems. Central banks would need to work closely with technology firms and other stakeholders to address these challenges and ensure that CBCCs are technically feasible.

Finally, there are concerns around the potential for CBCCs to be used for illicit activities such as money laundering and terrorism financing. While these concerns are not unique to CBCCs, the fact that they would be issued by a central bank could make them more attractive to criminals. To address this concern, central banks would need to work closely with law enforcement agencies and other stakeholders to ensure that CBCCs are not used for illicit activities -- but would they?

Obviously, DeSantis does not want Floridians exposed to these dangers, and hopefully, more governors will follow his lead.

Sources include:

NaturalNews.com

Fox4Now.com



Take Action:
Support NewsTarget by linking to this article from your website.
Permalink to this article:
Copy
Embed article link:
Copy
Reprinting this article:
Non-commercial use is permitted with credit to NewsTarget.com (including a clickable link).
Please contact us for more information.
Free Email Alerts
Get independent news alerts on natural cures, food lab tests, cannabis medicine, science, robotics, drones, privacy and more.

NewsTarget.com © 2022 All Rights Reserved. All content posted on this site is commentary or opinion and is protected under Free Speech. NewsTarget.com is not responsible for content written by contributing authors. The information on this site is provided for educational and entertainment purposes only. It is not intended as a substitute for professional advice of any kind. NewsTarget.com assumes no responsibility for the use or misuse of this material. Your use of this website indicates your agreement to these terms and those published on this site. All trademarks, registered trademarks and servicemarks mentioned on this site are the property of their respective owners.

This site uses cookies
News Target uses cookies to improve your experience on our site. By using this site, you agree to our privacy policy.
Learn More
Close
Get 100% real, uncensored news delivered straight to your inbox
You can unsubscribe at any time. Your email privacy is completely protected.