Ron DeSantis Pledges to Ban CDBCs If Elected President
The US presidential aspirant Ron DeSantis announced plans to restrict the use of central bank digital currencies (CBDC) once he ascended to office. Months before the 2024 US election, the political aspirants have geared up to reveal their policy statements to the public.
Speaking at the Family Leadership Summit (FLS) held in Des Moines, DeSantis pledged to ban CBDC if elected as the 47th president of the United States. From day one, he vowed to impose comprehensive regulation that would doom CBDC in the US.
Florida Governor Set to Ban CBDC
The presidential candidate affirmed that any development on CBDC will not take place in the US. DeSantis delivered his anti-crypto speech before other Republican presidential candidates at the evangelical christian gathering.
The main objective of the FLS event aimed to strengthen the relationship between the church and the government. In Iowa the FLS audience highlighted the potential gaps in policy and regulations in the US.
Interestingly, over 2000 audience gathered to listen to Tucker Carlson former reporter at Fox News, interview six presidential candidates willing to challenge Donald Trump in the upcoming election.
At Iowa event, Carlson interviewed the White House hopefuls individually to listen to their manifestos and political strategies. The interview involved multiple questions from the audience and Carlson.
Some of the questions asked at the FLS was whether the former US president would win the 2024 election. Carlson’s interview received mixed thoughts from the audience since some participants remained neutral on matters concerning the 2024 elections.
Advantage and Disadvantage of Adopting CBDC
From May, when the Florida governor entered the race for the presidential seat, DeSantis has vehemently opposed the adoption of CBDC. In his previous campaigns to become Trump’s top competitor, the governor mentioned the potential risks associated with adopting CBDC.
A few months ago, DeSantis greenlighted the CBDC bill, which restricted the use of digital dollar in the US. Typically the bill was formulated in March by the state policymakers outlining the risk of CDBC. The bill highlighted the use of foreign CBDC, which could undermine the power transfer from the central authorities.
According to the bill, there is minimal difference between the digital currency and the local fiat issued by the central bank. The only difference between the two is that the CBDC is the digital version of the currency. However, the digital dollar is more convenient to use compared to the traditional currency.
The ongoing argument concerning CBDC adoption in the US ignited speculation among regulators, businesses, and customers. Market critics argued that adopting CBDC would expose the citizens to privacy and security concerns.
Will US Adopt CBDC?
Consecutively, other crypto enthusiasts have expressed concerns that CBDC will give the government complete control of their finances. Even if the CBDC adoption increases the adoption of crypto and blockchain technologies, some of the crypto natives are not satisfied.
A revisit of the CBDC database revealed that around 100 countries are extensively researching the subject. On the contrary over 39 countries are conducting the CBDC pilot trials along with other related projects, such as proof-of-concept (PoC) integrations.
Unlike the Florida governor’s anti-crypto stance, other presidential aspirants, including Robert F. Kennedy Jr., have been pushing to adoption of Bitcoin. In May, Kennedy announced plans to use Bitcoin donations in his campaigns. The presidential candidate is also a crypto investor owning Bitcoin assets worth $250000.
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