Florida Governor Ron DeSantis introduced new legislation conformant with Florida’s Uniform Commercial Code to shield residents from a national central bank digital currency.
DeSantis has called upon like-minded governors to combat “surveillance and control” from the federal government and adopt similar legislation under its commercial codes.
DeSantis’ Plea for Anti-CBDC Laws Fall on Deaf Ears
If passed, the law would also protect Florida residents from a global digital currency issued by a foreign central bank.
DeSantis emphasized that Florida will not support the erosion of financial freedom.
Tarren Bragdon of the Foundation for Government Accountability said he supported the bill and was against an “out-of-control” government bureaucracy.
The U.S. Federal Reserve recently announced that its FedNow payments system would launch in July 2023.
Widely believed to be a precursor to a programmable CBDC, FedNow will aim to settle payments quickly between merchants, consumers, and banks. The settlements do not use blockchain technology.
Fed Vice Chair Lael Brainard said in May last year that FedNow performs almost the same function as a CBDC. However, a CBDC would be legal tender rather than a real-time payments system.
Author: David Thomas
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