Ron DeSantis, a candidate running for the presidency of the United States has again voiced his opposition to bank digital currencies (CBDCs) particularly the idea of introducing a digital dollar in the country.
During his speech, at the Family Leadership Summit on July 14 DeSantis made a commitment to prohibit CBDCs in the U.S. If he becomes president. He confidently stated, “If I have the honor of being elected as president, one of my actions would be to eliminate the possibility of a bank digital currency in our country. Its simply not going to happen under my leadership.” This announcement was made during an event held in Iowa where six other Republican candidates were also present.
DeSantis has been consistently vocal about his stance against introducing a dollar in the United States. In fact a months ago he successfully passed a bill in Florida that not only prohibits the usage of federal CBDCs as legal tender but also restricts the use of foreign CBDCs. His argument is centered around his concern regarding the concentration of power in the hands of an authority at the expense of individual consumers.
A bank digital currency shares similarities, with fiat currencies issued by central banks. It can be thought of as a representation of money offering the convenience and advantages associated with digital assets.
However the use of Central Bank Digital Currencies (CBDCs) has always been a topic of debate, within the cryptocurrency community. Opponents argue that CBDCs pose a threat to citizens privacy and could result in government control. On the hand some view CBDCs as a tool for increasing adoption and as a global application for blockchain technology.
Based on data from Cointelegraphs CBDC database there has been a substantial growth in CBDC projects globally in recent years. Than 100 countries are exploring this concept with least 39 nations already involved in CBDC pilots proof of concept programs or other related initiatives.
Although the US Federal Reserve currently has no plans to introduce a dollar this stance could change following next years election. It is worth noting that an increasing number of candidates are discussing cryptocurrency related matters during their campaign stages. For instance Robert F. Kennedy Jr., who is vying for the nomination for president has actively promoted Bitcoin since May disclosing investments worth up to $250,000, in the cryptocurrency.