DeSantis signs legislation to outlaw the use of CBDC in Florida

Lydia Nusbaum contributed to this report.

FORT MYERS, Fla. (FLV) – Gov. Ron DeSantis signed a bill into law Friday that would effectively outlaw the use of a central bank digital currency, or CBDC, in Florida.

The legislation aims to prohibit the U.S. Federal Reserve implementing such a digital currency that can be centrally tracked by the federal government in Florida.

“Once they then have the ability to run a central bank digital currency, they’re going to be able to have the window into what you’re doing with the money and have the ability to control where that money is going,” DeSantis said.

It accomplishes this by preventing CBDC from being treated as legal currency under Florida Uniform Commercial Code.

“Because once this genie is out of the bottle, I think it’d be very hard to put back in. You know, the cash is king, like, when you have that, you control your own destiny,” DeSantis said.

“If you’re relying on some digital system, and you have no other recourse, and it’s controlled by a central authority, you’re putting your independence in their hands, and I don’t think we want to do that.”

A bill analysis cited an executive order from President Joe Biden directing agencies to look into the implementation of such a system of currency. The search prompted concern from DeSantis’ office earlier this year.

“And this was something that was pushed by a lot of powers that be that you do that, we looked at that and said, that ain’t going to fly in Florida, we are not going to be adding central bank digital currency to our uniform commercial code,” DeSantis said.

The legislation came after DeSantis called for CBDC to be outlawed in March.

“Making sure individuals are empowered is something that’s very important. So I’m proud that we’re going to be able to sign this protection in the law for the people of Florida,” DeSantis said.