Republican presidential candidate Ron DeSantis said: July 4th He has vowed to block central bank digital currencies (CBDCs) immediately if he is elected president.
In an interview with Blaze Media, DeSantis said:
“If I were president, I would do away with central bank digital currencies from day one — it’s done, it’s dead, it’s never going to happen in this country… [a] CBDC is a major threat to American liberty, [and] On January 20th, 2025, it will be an ashes of history. “
DeSantis said the Federal Reserve plans to consult with the U.S. government’s legislative and executive branches to “ideally” pass legislation to authorize CBDCs.
These comments are 2022 report In it, the Federal Reserve issued a statement consistent with Mr. DeSantis’ description. But the report also notes that the Federal Reserve does not intend to pursue any particular policy. He also said the Federal Reserve “has not taken any position on the ultimate desirability” of a central bank digital currency.of the Federal Reserve FAQ page At this time, it has not yet decided to create a CBDC.
Still, Mr. DeSantis believes state-level regulation will prevent the Federal Reserve from implementing CBDCs, and will lead to lawsuits if they do.
DeSantis pointed out that the state of Florida, where he is governor, has already banned CBDCs, which means the state will not accept any CBDCs as a currency. Florida introduced a CBDC ban in May, and DeSantis expects other states to do the same.
DeSantis Addresses WEF Concerns
DeSantis also expressed concern about the World Economic Forum (WEF), which said governments would use CBDCs to stop “undesirable purchases” of fuel, ammunition, etc., and to phase out cash and cryptocurrencies. said it was planning to
The comment alludes to statements made by Cornell professor Eswar Prasad during a WEF event in June. Prasad then expressed mixed feelings, said CBDC could create a “potentially better world, or a darker world.” He also listed pornography alongside ammunition and drugs as purchases that could be banned through the CBDC. Prasad does not hold any position within the WEF.
Despite DeSantis’ inaccurate claims, many countries in the process of implementing CBDCs have stated restrictions on illicit purchases and tracking transactions, measures already being applied to financial transactions today.
This restrictive approach is one that proponents of decentralization believe goes against the underlying values of Bitcoin and other public cryptocurrencies.
Post-U.S. presidential candidate Ron DeSantis said he would “ditch” the CBDC after the election, first appearing on CryptoSlate.