Crypto News: Florida Bans CBDCs and Promotes Bitcoin

More and more countries want digital currencies as central bank money (Central Bank Digital Currency, CBDC) offer. The plans are also progressing in the EU and the US, but are not popular everywhere.

Ronald DeSantisthe governor of the US state FloridaCBDC is now banned in its own state.

CBDCs are a project of the major global central banks to curb the huge success boom of cryptocurrencies such as Bitcoin, Ethereum and Co. However, CBDCs are not real cryptocurrencies, but digital currencies.

First of all, the biggest difference between CBDCs like the e-euro and Bitcoin is that CBDCs are anything but decentralized, but are expressly controlled by the issuing central bank.

But that also means the central bank can control who gets how much digital money and what they can pay for it. The state has control and that is not necessarily an advantage.

According to many experts, CBDCs are anti-democratic and a threat to freedom

Many experts see the introduction of CBDCs as a way to combat cryptocurrencies anti-democratic at. Even the US think tank Cato sees CBDC as a threat to democracy around the world.

According to my experts, these are not cryptocurrencies at all, since CBDCs are completely unrestricted centrally controllednamely by the respective central bank and finally by the current government as well.

New: @EconWithNick explodes myths about central bank digital currencies (CBDCs) and reveals the main risks. https://t.co/7lqW18UhG4 @CatoCMFA
— Cato Daily Podcast (@CatoPodcast) April 4, 2023

Government regulation of CBDCs allows control over potential purposes of payment and precise tracking of who paid what, when. In addition, CBDCs crowd out the private sector so that the state wants to continue to have control over all citizen payment options.

Cato even sees one in CBDCs a threat to the freedom of all citizens and sees no future in CBDCs in the US. Therefore, the think tank calls for a ban in the United States. The US state of Florida is now moving forward and banning CBDCs as a means of payment.

Some government officials are also critical of CBDCs

Not all politicians are enthusiastic about CBDCs. The IS US Congressman Tom Emmer as critical of CBDCs as Cato thinks and even thinks central bank digital currencies arms.

The government can do that prohibiting undesirable activities or severely restrict it by deactivating the payment options for CBDCs.

This is not possible with real cryptocurrencies like Bitcoin or Ethereum.

Since new cryptocurrencies are constantly coming to the market and citizens can buy cryptocurrencies freely on various exchanges, cryptocurrencies are very independent and a single currency can hardly take over the entire market fully.

So far, even the first Bitcoin cryptocurrency has not been successful, and constant coin launches mean that new cryptocurrencies are coming to the market, which are very popular very quickly.

US Congressman Tom Emmer says about CBDC:

“It is clear from the recent actions of the Biden administration that they are not just oppressing, a digital dollar to create, but that they are also willing to do so Americans’ right to financial privacy exchange for the CBDC like surveillance”

Any central bank digital currency that is not open, permissionless and private – like cash – is a tool of surveillance. I am proud to have it @SenTedCruz lead the Senate companion of my CBDC legislation. 👇
— Tom Emmer (@GOPMajorityWhip) March 30, 2022

Ronald DeSantis is a big opponent of CBDCs

Along with Tom Emmer, Cato and other influential people and authorities in the USA, Ronald DeSantis is not a fan of CBDA either. This is also interesting because the Republican governor has a certain chance of becoming the next presidential candidate of the United States.

That means Florida’s ban on CBDCs can quickly be expanded nationwide after the 2024 US presidential election. Ronald DeSantis It is the largest among Republicans Opponent of Donald Trump.

Florida Bans Central Bank Digital Currency https://t.co/S8UfWrLZyc
— Ron DeSantis (@GovRonDeSantis) May 12, 2023

Florida bans CBDCs and promotes bitcoin as a payment method

For Ronald DeSantis, it is clear that CBDCs are primarily tasked with displacing other digital assets such as cryptocurrencies. Additionally, CBDCs can be used to monitor citizens who have virtually no control.

Another threat DeSantis sees to his country is restricting the purchase of certain items, such as guns. He says:

“Anyone who keeps their eyes peeled can see the danger of such a rule to Americans who want to exercise their financial independence and do business without the government knowing every single transaction in real time .”

Only one representative in the Florida House of Representatives vetoed bill SB-7054, which will seal the state’s ban on CBDCs. At the same time, the government of Florida decided that Tax debts in the state can be paid with Bitcoin. Currently, however, only companies are allowed to use this option, not ordinary citizens.