Florida Governor Ron DeSantis proposed legislation on Monday that would ban central bank digital currencies (CBDCs) from the Sunshine State, portraying it as a measure to safeguard Floridians’ financial privacy.

The legislation would prohibit in Florida any CBDC that the U.S. Federal Reserve could introduce and any created by a foreign government, outlawing the technology entirely from being used as a form of money within the state.

DeSantis introduced the legislation from behind a podium with the phrase “Big Brother’s Digital Dollar” plastered across it. He skewered the technology as a vehicle that could lead to government overreach and pave the way for financial surveillance.

“What [a] central bank digital currency is all about is surveilling Americans and controlling Americans,” he said. “You’re opening up a major can of worms, and you’re handing a central bank huge, huge amounts of power, and they will use that power.”

In interviews with Decrypt, ShapeShift founder Erik Voorhees has also called CBDCs “Orwellian,” and whistleblower Edward Snowden has called them “cryptofascist currencies.”

CBDCs are similar to stablecoins in that they are pegged to the price of a sovereign currency like the U.S. dollar. But CBDCs are issued and maintained by a nation state or central bank instead of minted by private companies on decentralized networks like Tether’s USDT or Circle

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Author: André Beganski

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