Bravo: Ron DeSantis bans CBDCs

[Poker Player]

Is anyone surprised that a Republican politician with big balls and who is proud to stand up for what he thinks is the first to sign a law against CBDCs? Certainly not me. What would have surprised me is if he had been a Democrat.

The other day I was listening to Ted Cruz talking about how Bitcoin is freedom and why Democrats hate Bitcoin, just like cash, because they are things they can't control and he sounded like a forum Bitcoin maximalist to me. Explaining that every Monday he buys Bitcon (DCA) etc. etc. etc. etc.

But let's get down to business:

Governor Ron DeSantis Signs First-in-the-Nation Legislation to Protect Against Government Surveillance of Personal Finances

Today, Governor Ron DeSantis signed Senate Bill (SB) 7054 and SB 214 to protect the personal finances of Floridians from government overreach and woke corporate monitoring. SB 7054 prohibits the use of a federally adopted central bank digital currency (CBDC) by excluding it from the definition of money within Florida’s Uniform Commercial Code. Additionally, the bill prohibits foreign-issued CBDC to protect consumers against globalist efforts to adopt a worldwide digital currency...

“The government and large credit card companies should not have the power to shut off access to your hard-earned money because they disagree with your politics,” said Governor Ron DeSantis. “Biden’s Central Bank Digital Currency aims to increase government control over people’s finances, and we will not allow it. In Florida, we value personal freedom and won’t allow self-interested elites to chip away at our liberty.”

I don't know to what extent he has powers or Biden could pass a superior law to counter this but bravo Ron DeSantis.

[Gyfts]

Ron DeSantis and Ted Cruz are the most pro-crypto politicians I've seen in American conservative politics, good for them.

Though a lot of this is theatrics because he doesn't have any say in fiscal policy as a governor -- it gives indication as to how DeSantis would govern if he was elected on the federal level which is more than what Biden has to offer

Biden is explicitly for more crypto regulation and CBDCs, he's made this clear.

https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/09/fact-sheet-president-biden-to-sign-executive-order-on-ensuring-responsible-innovation-in-digital-assets/

Explore a U.S. Central Bank Digital Currency (CBDC) by placing urgency on research and development of a potential United States CBDC, should issuance be deemed in the national interest. The Order directs the U.S. Government to assess the technological infrastructure and capacity needs for a potential U.S. CBDC in a manner that protects Americans’ interests. The Order also encourages the Federal Reserve to continue its research, development, and assessment efforts for a U.S. CBDC, including development of a plan for broader U.S. Government action in support of their work. This effort prioritizes U.S. participation in multi-country experimentation, and ensures U.S. leadership internationally to promote CBDC development that is consistent with U.S. priorities and democratic values.

I've been waiting for over a year on their explanation as to how CBDC's protect the interests of the citizens. I suppose by "Americans" they mean elected government officials.

[Poker Player]

Biden is explicitly for more crypto regulation and CBDCs, he's made this clear.

A politician who advocates big government socialism advocates a currency that allows total control of the finances of its citizens. How shocking. I can't believe it!

The bad thing is that there are very few politicians who are against CBDCs. Politicians in general like control. And with CBDCs their power to control will increase exponentially.

I had originally opened this thread in the P&S board but since it has two components, one on politics and one on economics, I am moving it to the Economics section where I think it may get more responses.

[EarnOnVictor]

Today, Governor Ron DeSantis signed Senate Bill (SB) 7054 and SB 214 to protect the personal finances of Floridians from government overreach and woke corporate monitoring. SB 7054 prohibits the use of a federally adopted central bank digital currency (CBDC) by excluding it from the definition of money within Florida’s Uniform Commercial Code. Additionally, the bill prohibits foreign-issued CBDC to protect consumers against globalist efforts to adopt a worldwide digital currency...

“The government and large credit card companies should not have the power to shut off access to your hard-earned money because they disagree with your politics,” said Governor Ron DeSantis. “Biden’s Central Bank Digital Currency aims to increase government control over people’s finances, and we will not allow it. In Florida, we value personal freedom and won’t allow self-interested elites to chip away at our liberty.”

This is sad news for the people of Florida and a show of the overbearing nature of one man with such power. It annoys me when a single person just decides for the whole people simply because they climbed the mantle of power. Well, the CBDC initiative can't be perished due to the views and opinions of a selected few.

There are genuine concerns about the project truly, and it's the reason why the central government has been hesitant to push it through yet, but it's so ill of a state to be fast to label it an abomination. As time goes on, we will see as the situation unfolds.

And as to your last question, one thing in the US is that it does matter what the central law states at times, state laws might still be valid at times. In other words, they let each state decides what they want.

[kryptqnick]

I strongly disagree with the political beliefs of Ron DeSantis, as he's notorious for various conservative policies and statements that I believe are not making the world better. He's anti-abortion, pro-gun, anti-LGBT, anti-immigration, and the list goes on and on. But Republicans are against the bigger control of the state over the population, so being against CBDCs makes sense here, and that's a valid concern that I think the Republicans point out correctly.
I'm personally not against CBDCs, though, as long as using them is totally optional and as long as they aren't allowed when decentralized cryptos don't have the same privileges.

[DrBeer]

The situation is called "starts to burn"
Preparation for the fight against corruption has reached a new level. And almost without hiding goals
Republicans are always a bright show, which is led by the "struggle for the rights of the people", but as history has shown, almost always the "people" turn out to be some group of people who are not entirely honest before the law...
I won’t be surprised if information soon emerges that this “rights fighter” also did not pay taxes and did prohibited schemes, and now he is preparing himself, in advance, for protection.

[Majestic-milf]

I think that's his own way of being woke! It's a good approach he has taken because finally, we get to see someone who is pro Bitcoin and also running for presidency. This is good for the Bitcoin community in Florida as this legislative proposal frees and protects businesses and consumers from federally controlled CBDCs.
 Granted, not everyone has to like Bitcoin but at least he's not like Trump whose only reason for seeing Bitcoin as scam is cause it competes with the dollar! Great move, I must say.

[Flexystar]

He came in like a hero to the digital asset holders in his region for sure. They gonna bless him with all the votes available out there. 
I liked that he passed the bill based on very true fact and that’s “personal finance protection”.  If we consider this law to be perfected in their system then I don’t think Biden could do anything to counterfeit it. If he tries to something like that then people are gonna know that Biden and congress are just playing around USA to protect their own assets that is “fiat” and hence the chaotic bans, project drops and bankruptcy etc. around the nation which is directly linked with the crypto based investment firms.

Definitely good news after a while from the US based administration. Hope others do follow it on the long run.

[disconnectme]

I personally don't have any issue with CBDCs except for abuse, if used right it can help the financial system of any country but the abuse of it by a country like China is what is of concern to me. The question I asked myself about this legislation is that if another Governor who wants CBDCs comes to power won't they change the legislation? This is a temporal measure what needs to be done is to educate the people about the benefits and abuse that can come with the adoption of CBDCs, if people are aware of the danger they will rise up because whether we like it or not CBDCs are coming because almost all countries are developing and trying to experiment with it

[Fiatless]

I personally don't have any issue with CBDCs except for abuse, if used right it can help the financial system of any country but the abuse of it by a country like China is what is of concern to me. The question I asked myself about this legislation is that if another Governor who wants CBDCs comes to power won't they change the legislation? This is a temporal measure what needs to be done is to educate the people about the benefits and abuse that can come with the adoption of CBDCs, if people are aware of the danger they will rise up because whether we like it or not CBDCs are coming because almost all countries are developing and trying to experiment with it

I am not also against CBDCs because it's just like fiat on blockchains. But I am I am concerned when it is used as an investment to distract or force people to abstain from using bitcoin. Most governments introduce these CBDCs because they are scared that their citizens will ditch the local currency. Let every citizen be given the privileged to choose the currency they want to use without being forced by the government.

Ron DeSantis's support for Bitcoin seemed to be growing. He is a supporter of privacy and freedom which is why he is against CBDCs. I think the federal government will have to seek redress in court if they want to stop the enforcement of this policy. And Bitcoin will receive a more friendly relationship with the US if he wins the presidential election. But he has to defeat the undisputed heavyweight of the Republicans: Trump.

[eaLiTy]

~
I don't know to what extent he has powers or Biden could pass a superior law to counter this but bravo Ron DeSantis.

The points Ron DeSantis made against CBDC is valid as the government could monitor every transactions made and no one would have the privacy that is given to a citizen by the constitution. Right now the government is interfering too much in our privacy in the name of national security and CBDC is definitely another tool to monitor our financials. Not sure the president could interfere directly in a state law unless there is an involvement from the Supreme court or the legislative body.

[safar1980]

on the one hand, this politician says the right things and bans CBDCs, which will not appear in the US in the next few years.
And in a few years, laws can always be changed.
Citizens' money control in the US has always been strong, there are not many uncontrolled cash purchases in this country.

[Upgrade00]

I personally don't have any issue with CBDCs except for abuse, if used right it can help the financial system of any country but the abuse of it by a country like China is what is of concern to me.

Be rest assured different countries would abuse any system which allows them to. China is usually the most talked about when it comes to dictatorship but almost every country experience such issues as their governments look to gain more control.
CBDCs allows the financial sector to be completely transparent to the authorities and can very easily be manipulated.

In the long run I think the adoption of CBDCs would not much affect Bitcoin or privacy. It is inevitable, but Bitcoin does notblose capital to it imo.

[hatshepsut93]

He's anti-abortion, pro-gun, anti-LGBT, anti-immigration, and the list goes on and on. But Republicans are against the bigger control of the state over the population, so being against CBDCs makes sense here, and that's a valid concern that I think the Republicans point out correctly.

If they are anti- a lot of things, then they are not against government control of the population, they just want it to be their control, not their opponents'. He's against CBDC because they are being proposed by Biden's team, if it was coming from Trump's team, he would be 100% supporting it. In the US ideology is just a political tool for winning votes, politicians don't believe in what they say.

Remember how a few years ago Trump bashed Bitcoin because he viewed it as competition for the US dollar? If Republicans will decide that CBDC can stregthen the US dollar, they will support it.

[STT]

Everything is competition for the US dollar, in a free marketplace as per capitalism every product should have justify itself in its utility and cost to the consumer.  Instead we have something else, central control and dictated markets which is not really capitalism more a puppet show then a play.
   The reason for danger in all their arguing and politics is that its not real, the reality is one day something or other is going to replace the nonsense paper which cannot hold its value because its endlessly dragging debts to the burden and ruin of every user bar the issuer.
  We shouldnt even be paying taxes to a central government, they should be taxing companies not people who in turn include it in their costs.   So it went wrong a while back in terms of freedom and a correct economy.

[Argoo]

He came in like a hero to the digital asset holders in his region for sure. They gonna bless him with all the votes available out there. 
I liked that he passed the bill based on very true fact and that’s “personal finance protection”.  If we consider this law to be perfected in their system then I don’t think Biden could do anything to counterfeit it. If he tries to something like that then people are gonna know that Biden and congress are just playing around USA to protect their own assets that is “fiat” and hence the chaotic bans, project drops and bankruptcy etc. around the nation which is directly linked with the crypto based investment firms.

Definitely good news after a while from the US based administration. Hope others do follow it on the long run.

The ban on the use by citizens of both national CBDCs and CBDCs of other states is a completely stupid step on the part of this politician, especially under such a noble pretext as protecting personal finances. It's like banning the use of cars on the pretext that when using them, many traffic accidents are committed and people die because of this. Any bans on the use of new technologies do not lead to anything good. People should always have the right to choose, especially in the financial sector.

[Poker Player]

The ban on the use by citizens of both national CBDCs and CBDCs of other states is a completely stupid step on the part of this politician, especially under such a noble pretext as protecting personal finances. It's like banning the use of cars on the pretext that when using them, many traffic accidents are committed and people die because of this. Any bans on the use of new technologies do not lead to anything good. People should always have the right to choose, especially in the financial sector.

What is really stupid is to draw a parallel between cars, which are privately produced, at least in the free world, and CBDCs, which are politically created. Although seeing the garbage you promote in your signature I'm not surprised at the poverty of your argument.

[disconnectme]

DeSantis need to say this just to appeal to his political base but I have a feeling CBDC is coming whether we like it or not, it might not be called CBDC in the future but it will be something close to this. The concern of people is the abuse of this instrument and what we are seeing from some of these IRS agent is close to this, if they can track a transaction of $600,  they are coming to track a transaction of $50 in the future. I think some technological inclines countries like Japan, S.Korea and possibly Singapore are going to buy into it earlier before US does and we will see how these pans out, remember EU also is developing their own form of CBDCs so why won't US

[Poker Player]

The concern of people is the abuse of this instrument and what we are seeing from some of these IRS agent is close to this, if they can track a transaction of $600,  they are coming to track a transaction of $50 in the future.

Well, actually, I don't know why you put a lower limit. The ultimate goal is total control of all transactions, and with companies moving towards cashless more and more, they are going to have it easy, CBDC or not. Although as there is always going to be illegal business, and even corrupt politicians who need to handle undeclared money, there will always be an escape route to control, be it cryptocurrencies, precious metals or whatever.

[Velemir Sava]

I think it's no surprise that Governor Ron DeSantis, a Republican politician known for his strong convictions and this move aligns with his party's ideology of limited government control, became the first person to sign legislation banning Central Bank Digital Currency (CBDC). and what I love about is Governor Ron DeSantis believes that individuals should have the right to control their hard-earned money without interference from powerful governments or corporations.