Presidential Candidate's Shocking Pledge: No More Digital Dollar

Photo byMatt Johnson

The presidential candidate Ron DeSantis has vowed to ban Central Bank Digital Currencies (CBDCs) if he wins the election.

This news comes as a shockwave to many, but it's not entirely surprising given DeSantis' track record. The Florida Governor has consistently voiced his concerns about a digital dollar, arguing that it would shift power from consumers to a central authority.

"If I am the president, on day one, we will nix central bank digital currency. Done. Dead. Not happening in this country," DeSantis declared, speaking at the Family Leadership Summit.

This statement was made alongside six other Republican Party candidates, marking a significant moment in the ongoing debate about the role of Bitcoin and digital currencies in our economy.

Florida banned CBDCs in May this year. Now DeSantis expects other states to follow his lead.

What are CBDCs?

CBDCs are essentially digital versions of traditional fiat currencies, offering the advantages of digital assets. However, they've been a subject of controversy within the cryptocurrency community. Critics, like DeSantis, argue that they threaten citizens’ privacy and could enable excessive government control.

While the U.S. Federal Reserve currently has no immediate plans to introduce a digital dollar, this stance could change following next year’s election. More candidates are engaging in discussions about crypto-related topics during their early campaign stages. For example, Robert F. Kennedy Jr., vying for the Democratic Party nomination for president, has been actively promoting Bitcoin since May and has disclosed investments worth up to $250,000 in the cryptocurrency.

Many are ready to buy Bitcoin as a political statement against CBDCs and central control.

As the political landscape continues to evolve, the debate surrounding CBDCs and their potential impact on financial systems, privacy, and government control will likely remain at the forefront of discussions.

To learn more about the world's first cryptocurrency, check out MoonPay's easy guide to Bitcoin.

What do you think about DeSantis's vow to ban CBDCs?

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