Florida Governor Ron DeSantis warns about CBDC - "Cash is king, you have power with it, but when it is all digitalized."


Ron De Santis : Warns about the CBDCPhoto byBig Brother`s Digital Dollars

Ron DeSantis says. "Ultimately, The cash is king; if you can hold it in your hands, you have power over that; the minute it is all digitalized, somebody else is going to have control over that, and it is just a question whether they can let you live with it."

Listen to the video over here:

Florida Governor Ron DeSantis has recently proposed a new law that would ban the use of central bank digital currencies (CBDCs) as legal tender within the state. DeSantis, who is considered as a potential Republican presidential candidate, believes that the introduction of a federal CBDC would stifle innovation and increase government-sanctioned surveillance, which could pose a serious threat to businesses and individuals in Florida. The proposed legislation would also prohibit overseas CBDCs within the state and encourage other states to follow suit.

DeSantis highlights privacy concerns and the potential impact on community banks and credit unions as additional reasons to oppose the introduction of a federal CBDC.

He argues that physical cash provides power to its holder, while digital currencies can be controlled by others who may use them to control individuals.

DeSantis refers to an incident in Canada where truckers went on strike. The government seized their assets, leading to the freezing of accounts belonging to charities helping the truckers.

He concludes that people need to consider the potential consequences of a CBDC and the impact it could have on individual freedom.

The move to introduce a CBDC by the federal government is being considered as a part of the broader digital transformation of the economy. A CBDC is a digital form of fiat money that is issued by the central bank and backed by the government. The potential benefits of CBDCs include increased transaction speed, lower transaction costs, and greater financial inclusion. However, DeSantis argues that these benefits come at a high cost to individual privacy and could lead to the centralization of power in the hands of the government.

Critics of CBDCs have also argued that they could lead to a loss of monetary sovereignty, as well as financial instability and cybersecurity risks. Some have even raised concerns that introducing a CBDC could lead to a complete shift away from physical cash, leaving citizens vulnerable to cyberattacks, power outages, and other unforeseen events.

DeSantis's proposed law to ban the use of CBDCs in Florida reflects the growing concerns among some policymakers and citizens about the potential risks associated with these digital currencies.

While CBDCs may offer certain benefits, it is important to consider the risks and potential impact on individual privacy, monetary sovereignty, and financial stability before introducing them nationally.

What are your thoughts on this? Should we shift to the new currency? Will it happen, or would people not use it and understand the privacy risk of it?

Comments / 50

Published by

I am a Social Media Marketer, Photographer, and Believe in the Right attitude and mindset. Ten years ago, I started my Marketing and Blogging Journey. Back then, I had no idea that ten years later, It will be my full-time work and business. Now I help other entrepreneurs, business owners, and startups make RIGHT marketing decisions. To do well with your business, you need first a RIGHT MINDSET, then work ethic, a business & MARKETING launch. Whatever comes next is a bonus, but everything starts from the mindset. In my stories, you will find helpful information on starting a business and taking care of your mind and health—my advice and mistakes I have made—also, all the updates from Social Media Marketing, branding, and how to stand out.


More from MsBirgith

Comments / 0