Central bank digital currencies defeat the purpose of having cryptocurrency
Ron DeSantis, the Florida governor and a potential candidate for president, has vehemently voiced his opposition to the implementation of central bank digital currencies (CBDC). During a recent event in Iowa, he made it abundantly clear that in the event of his election as President of the United States, CBDCs will unequivocally not be entertained as an option.
Throughout the year, Governor DeSantis made headlines by prohibiting the use of both foreign and federal digital currencies. He argues that they both relinquish the liberties of ordinary citizens clandestinely and can harm individual financial independence.
A CBDC, by design, puts complete control of the financial system in the hands of the government. China is already rolling out its own CBDC, which includes a mechanism that allows the government to seize any wallet (or all wallets) at any time.
Senator Ted Cruz of Texas has announced his intention to obstruct the United States’ involvement in the digital arena, particularly for ordinary purposes, through legislation. According to Cruz, the establishment of a centralized digital currency by the federal government is beyond its jurisdiction. He believes that this proposed legislation will effectively safeguard against any potential attempts by an overpowering government to consolidate or manipulate cryptocurrencies. Instead, it aims to foster their flourishing existence within the country.
Cruz explained that the bill “goes a long way in making sure big government doesn’t attempt to centralize or control cryptocurrency and instead, allows it to thrive in the United States. We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom—not stifling it.”
DeSantis shares the sentiment and is willing to do whatever he can to stand in the way. Toward the end of May, he engaged in a Twitter Spaces dialogue alongside Elon Musk, during which he made a steadfast commitment to denounce any pro-CBDC bills and anti-Bitcoin laws put forth in Congress.
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