Digital Dollar Debate

Study Notes

Governor DeSantis opposes the government's plan for a digital dollar

President Biden and the media are excited about the possibility of a national digital currency controlled by the Feds, called Central Bank Digital Currency (CBDC).
Governor Ron DeSantis is opposed to the government's plan for a digital dollar and has persuaded Florida's legislature to ban its use in his state.
DeSantis believes that a digital dollar would give the government even more power and control over the economy, which is problematic for those who do not trust central authority.
The government claims that a digital dollar would protect consumers, investors, and the environment, but DeSantis believes that it is a wolf in sheep's clothing.
DeSantis argues that the government's plan for a digital dollar could lead to the government imposing its ideology through the economy.
The Federal Reserve has said that it would only implement a digital dollar after consulting with the legislative and executive branches, and ideally, getting specific congressional authorization.
The U.S. financial system is still old school when it comes to moving money around, and not conducive to running a modern global economy, according to the Wall Street Journal.
Some in government believe that a digital currency could promote financial inclusion and payment system stability, but DeSantis believes that it would be a disaster.
DeSantis believes that a cashless society would mean that the Federal Reserve and Treasury Department would have supervisory jurisdiction over all transactions, which would erode people's independence and privacy.
DeSantis also opposes digital private money, which he believes could be driven out by legitimate digital public money.
Some in government do not like cryptocurrency because they do not control it.
DeSantis and the interviewer also discussed other topics such as Florida's new law governing sex education, anti-mask mandates during Covid, immigration, and flying migrants to Massachusetts.

Description

Do you know what Governor DeSantis thinks about the government's plan for a digital dollar? Test your knowledge with this quiz on the controversial topic of Central Bank Digital Currency (CBDC) and the arguments for and against it. Learn about the potential benefits and drawbacks of a digital currency and how it could impact the economy and society. Find out where you stand on this issue and see if you agree with Governor DeSantis's perspective.