Ron DeSantis Vows to Block CBDCs as U.S. President

Ron DeSantis Vows to Block CBDCs as U.S. President

Republican presidential candidate Ron DeSantis has stated that if elected president, he will immediately block the introduction of central bank digital currencies (CBDCs). In an interview with Blaze Media, DeSantis emphasized his opposition to CBDCs, calling them a significant threat to American liberty. He pledged to ensure that CBDCs would not be implemented in the country, stating that they would be consigned to the "ash heap of history" upon his inauguration on January 20, 2025. DeSantis's stance is based on a 2022 report from the Federal Reserve, which mentioned the possibility of a CBDC but clarified that the Federal Reserve does not have a specific policy position on the matter. The report stated that any decision to create a CBDC would require consultation with the legislative and executive branches of the U.S. government, potentially leading to the passage of a law authorizing its creation. Currently, the Federal Reserve has not made a final decision regarding the establishment of a CBDC, according to its FAQ page. The Florida governor believes that state-level regulations will impede the Federal Reserve's efforts to introduce a CBDC and could result in legal challenges. DeSantis highlighted that Florida has already banned CBDCs, making it clear that the state does not recognize them as a valid form of currency. He anticipates that other states will follow suit and implement similar bans. In addition to his concerns about CBDCs, DeSantis expressed apprehension about the World Economic Forum's (WEF) plans regarding the elimination of cash and cryptocurrencies. He claimed that the WEF aims to use CBDCs to restrict certain transactions, including the purchase of fuel and ammunition, which he considers undesirable. These comments reference statements made by Cornell University professor Eswar Prasad during a WEF event, where he discussed the potential implications of CBDCs, including the possibility of banning certain purchases such as pornography, ammunition, and drugs. It is important to note that Prasad does not hold an official position within the WEF. Critics argue that the restrictive approach taken by CBDC proponents contradicts the principles of decentralization upheld by Bitcoin and other public cryptocurrencies. They view these measures, such as restrictions on illegal purchases and transaction tracking, as antithetical to the core values of financial sovereignty and privacy associated with decentralized cryptocurrencies. Ron DeSantis's firm stance against CBDCs aligns with his belief in safeguarding American liberty and preserving the current financial system. Should he win the presidential election, his commitment to blocking CBDCs could shape the future of digital currency adoption in the United States.

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