In a speech at the Family Leadership Summit, Ron DeSantis, a candidate for the United States presidency, expressed his strong opposition to central bank digital currencies (CBDCs) and vowed to prohibit their implementation if elected. DeSantis firmly stated, “If I am the president, on day one, we will nix central bank digital currency. Done. Dead. Not happening in this country.” His remarks were made alongside six other Republican candidates during the event in Iowa.
DeSantis has consistently been critical of the concept of a digital dollar within the United States. Earlier this year, he passed a bill in Florida that disallows the use of federal CBDCs as legal tender and also bans the use of foreign CBDCs. He argues that such currencies would grant excessive power to central authorities at the expense of consumers.
A central bank digital currency essentially functions like traditional fiat currencies issued by central banks but in digital form. It offers the convenience associated with digital assets. However, it has sparked controversy within the cryptocurrency community. Opponents argue that CBDCs pose threats to individuals’ privacy and may facilitate increased government control. Others view them as a means to enhance adoption and promote the global application of blockchain technology.
According to Cointelegraph’s CBDC database, numerous countries have been actively exploring CBDC projects, with over 100 nations investigating the subject and at least 39 already engaged in CBDC pilot programs, proof-of-concept initiatives, or related endeavors. While the US Federal Reserve currently has no immediate plans to introduce a digital dollar, the topic is gaining traction among presidential candidates in anticipation of next year’s election. Robert F. Kennedy Jr., a contender for the Democratic nomination, has been endorsing Bitcoin since May and has disclosed significant Bitcoin investments.