(JustPatriots.com)- In what certainly seems like a potential presidential platform policy, Florida Republican Governor Ron DeSantis unveiled a proposal earlier in the week that’s designed to combat the possibility that the Biden administration and his Federal Reserve could roll out a central digital currency.
President Joe Biden and members of his administration have mentioned the possibility of creating a central bank digital currency in the past. The Federal Reserve would ultimately manage the currency, and its value would be tethered directly to the U.S. dollar’s value, which would provide stability.
But, people who have criticized the idea have said that it would create many opportunities for the federal government to not only surveil but also control private citizens.
The legislation proposed by DeSantis would ultimately ban any central bank digital currency from being recognized as legitimate money under the Uniform Commercial Code in Florida. This would apply whether that currency comes from the U.S. federal government or from another central bank overseas.
As DeSantis said in a press release announcing the proposal:
“The Biden administration’s efforts to inject a Centralized Bank Digital Currency is about surveillance and control. Today’s announcement will protect Florida consumers and businesses from the reckless adoption of a ‘centralized digital dollar’ which will stifle innovation and promote government-sanctioned surveillance.
“Florida will not side with economic central planners; we will not adopt policies that threaten personal economic freedom and security.”
In addition to the U.S., there are many other countries that are exploring the possibility of creating a central bank digital currency. This includes South Korea, Russia, India, Japan, Australia and China – to name a few. There are some countries that have already established this digital currency, including Jamaica, Nigeria and the Bahamas.
People who are skeptical of the plan have often referred to instances in which private and public actors have leveraged the financial system so that they can oppose particular political perspectives, which in many cases end up being conservative viewpoints.
For example, Justin Trudeau, the prime minister of Canada, last year used some of his emergency powers so he could freeze the corporate and personal bank accounts for people who were involved in demonstrating against his country’s vaccine mandates.
In addition, PayPal said they would be withdrawing money from any account that ended up being deemed to promote misinformation or racism. While the company later said that note was published in error, it still shows the power that both public and private people can have over digital currencies – just because they don’t agree with someone’s views.
That’s why DeSantis and his administration want to make sure a central bank digital currency is never recognized in Florida. As Jimmy Pastronis, the state’s chief financial officer, said in that same press release:
“A Central Bank Digital Currency is the cornerstone of a federal government that could track each and every transaction that happens in the world. There would be no privacy, and if there is no privacy, there are no rights.”