Presidential candidate Ron DeSantis has reiterated his opposition to central bank digital currencies (CBDCs), specifically addressing the possibility of a digital dollar in the United States. During the Family Leadership Summit on July 14, DeSantis vowed to ban CBDCs if elected as president. He stated, “If I am the president, on day one, we will nix central bank digital currency. Done. Dead. Not happening in this country.” His remarks were made at an event in Iowa where six other Republican candidates were also present.
DeSantis has been a vocal critic of the digital dollar and has taken action against it in Florida. In May, he signed a bill into law that restricts the use of federal CBDCs as money, as well as foreign CBDCs. DeSantis justified these measures by claiming that allowing CBDCs would result in a “massive transfer of power from consumers to a central authority.”
A central bank digital currency is essentially a digital version of fiat currency issued by a central bank. It offers the conveniences of digital assets. However, its implementation has been controversial within the crypto community. Critics argue that CBDCs pose a threat to citizens’ privacy and could lead to excessive government control. On the other hand, proponents see CBDCs as a tool to drive adoption and a global use case for blockchain technology.
The number of CBDC projects has grown substantially in recent years, with over 100 countries exploring the topic and at least 39 nations conducting CBDC pilots, proof-of-concept experiments, or other related initiatives, according to Cointelegraph’s CBDC database.
While the US Federal Reserve has no immediate plans to issue a digital dollar, this may change after the upcoming election, as more candidates are beginning to discuss crypto-related topics in their early campaigns. For instance, Robert F. Kennedy Jr., who is campaigning for the Democratic nomination, has been promoting Bitcoin since May and recently disclosed investments of up to $250,000 worth of Bitcoin.
In conclusion, Ron DeSantis remains opposed to the implementation of CBDCs, particularly the digital dollar, in the United States. His recent remarks at the Family Leadership Summit reiterated his commitment to banning CBDCs if elected president. The issue of CBDCs has sparked debates within the crypto community, with proponents highlighting potential benefits and opponents expressing concerns over privacy and government control. The growing interest in CBDC projects globally suggests that this topic will continue to be a significant point of discussion in the future.