IMPORTANT POINTS:
- Ron DeSantis, an opponent of the digital dollar: United States presidential candidate Ron DeSantis has promised to ban Central Bank Digital Currencies (CBDCs) in the country if he is elected.
- CBDCs have been the subject of debate in the crypto community, with critics arguing that these coins can threaten the privacy of citizens and lead to complete government control.
- The US Federal Reserve has no plans to issue a digital dollar, but that could change after next year’s election
US presidential candidate Ron DeSantis has once again criticized central bank digital currencies (CBDCs), arguing against the possibility of a digital dollar in the country.
Speaking at the Family Leadership Summit on July 14, DeSantis vowed to ban CBDCs in the US if he is elected president. “If I am the president, from day one, we will remove digital currency from the central bank. It’s over. Dead. It will not happen in this country,” he said during the event in Iowa, which was attended by six other Republican candidates.
DeSantis is an outspoken opponent of a digital dollar in the United States. In May, he passed a Florida law banning the use of federal CBDCs as money, as well as banning the use of foreign CBDCs, claiming this would lead to a “massive transfer of power from consumers to a central authority.”
A central bank digital currency is not much different from a traditional central bank-issued currency. It can be defined as a digital version of fiat currency, providing the comforts of digital assets.
However, it has long been a source of controversy in the cryptocurrency community, with opponents claiming that CBDCs threaten the privacy of citizens and could lead to outright government control, while others see them as a tool to boost adoption as well as a global use case for blockchain technology.
According to Cointelegraph’s CBDC database, CBDC projects have grown significantly in recent years, with more than 100 countries exploring the topic and at least 39 nations having a CBDC pilot, proof of concept, or other related initiatives in place. March.
The US Federal Reserve reportedly has no plans to issue a digital dollar anytime soon, but this could change after next year’s election as more candidates are discussing crypto-related issues during their early campaigns. Robert F. Kennedy Jr. has been promoting Bitcoin since May as part of his campaign for the Democratic nomination for president. He recently disclosed Bitcoin investments worth up to $250,000.
