Digital Dollar Debate

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.