Recent news reported that the governor of Florida, Ron DeSantis, has signed a CBDC bill into law in the state. The law entails that no Central Bank Digital Currency, including the potential digital dollar, would be adopted into the state’s commercial codes.
According to the news, Governor DeSantis had previously urged Florida lawmakers in March to draft a bill to prevent the adoption of the digital dollar in the state. Shortly after they presented the bill, the governor reportedly passed it as law.
Furthermore, the newly signed law would prevent the use of CBDC within the state. In addition, the governor reportedly encouraged other state governors to emulate his action and ban the introduction of CBDC to their commercial code.
As stated in the law, the potential United States Central Bank Digital Currency cannot be used as money within the Uniform Commercial Code of Florida. It also prevents using other countries’ digital fiat money within the state.
DeSantis Signed New Anti-CBDC Bill
While speaking with a news correspondent at the signing of the new law, DeSantis said the new law was inspired by President Joe Biden’s administration campaign against the digital fiat currency. He added that America does not have or need a CBDC, and there is no plan to create one soon.
DeSantis commented that the country is on the verge of introducing a digital dollar. He added that if an American CBDC were issued, there would be a massive power shift from the citizens to the government.
Furthermore, the governor acknowledged the potential opportunities cryptocurrency offers and how introducing a CBDC could ruin it all. He claimed that the country’s regulators want to seize power from the public by canceling out other forms of digital currencies such as cryptocurrency.
He added that the regulators don’t have control over the decentralized currencies. Hence, they sought earnestly to eliminate it via the introduction of a centralized asset like CBDC.
The new law the governor passed has added some changes to the current commercial code of the state. He commented that the county’s financial regulators have been pulling some strings for months to ensure all states in the country comply and add CBDC to their commercial codes.
Florida Government Aim To Shield Floridians From CBDC
He buttressed his statement, referring to the proposed Article 12 of the Uniform Commercial Code the regulators issued to the legislatures in all American states. DeSantis said his administration took a lot at the submitted Article 12 and decided against adding the CBDC to the state’s UCC.
In addition, the governor said refusing to adopt the rule is not good enough to protect Floridians from the potential consequence. Hence, his government created a law to back their non-supportive stance for the movement.
He continued that his administration ensures they make their stance clear that they are not buying the idea of adopting any CBDC nor recognizing it in their Uniform Commercial Codes.
John Montague, a Florida lawmaker, also commented on the me development. He said the bill the state governor signed signaled that any transactions made with CBDC in the state would not have the UCC protection.
In addition, he said being aware of the consequences of such transactions, state members would hesitate to use CBDCs. Speaking, he said Florida jas the right to alter third-party rights and obligations via the UCC remotely.
