On Friday, Florida’s Governor Ron DeSantis, signed a bill prohibiting the use of “Centralized Digital Dollars” within the state. DeSantis initially proposed this legislation in March.

Under the new law, the use of United States Federal Central Bank Digital Currencies (CBDC) “as money within the Florida Uniform Commercial Code (UCC)” is now banned.

Moreover, the law also prohibits the use of CBDCs issued by foreign governments and urges other states to implement similar restrictions through their commercial regulations.

DeSantis Signs Bill Banning CBDCs in Florida in Response to Federal Tech Research

During the bill’s signing ceremony, DeSantis stated that the research on new financial technologies conducted by President Joe Biden’s administration prompted him to act. As of now, there are no Central Bank Digital Currencies (CBDCs) in the United States, nor are there any current plans to create one.

“I’m just glad we are thinking ahead here in the state of Florida because once this genie is out of the bottle, I think it will be very hard to put it back in,” DeSantis commented, emphasizing the importance of money as a means of maintaining personal control over one’s life.

DeSantis Upholds Privacy & Freedom Amid CBDC Ban

While the US CBDC is still under development, over 11 other countries have already adopted this practice, and 18 more are currently running pilot projects.

DeSantis argued that the use of CBDCs, by limiting purchases, infringes on economic freedom, individual privacy, and access to products and services.

“Your independence is in their hands if you rely on a digital system for which there is no alternative option and which is run by a centralized authority,” DeSantis warned.

In addition to this, DeSantis has already signed into law a bill that intensifies regulation on Florida’s governance, social, and environmental issues. House Bill 3, primarily sponsored by Rep.

Bob Rommel, R-Naples, prohibits financial companies from discriminating based on political or religious beliefs and eliminates ESG considerations from financial decision-making.

Florida Rejects CBDCs: DeSantis on ESG Politics and Transactional Protections

DeSantis has asserted that unaccountable corporate bodies utilize these ESG practices to promote political ideologies such as social justice and climate change.

The Uniform Law Commission has made significant efforts to debunk the misconception that it advocates for CBDC adoption, even recently issuing a clarification on its position.

John Montague, a Florida-based lawyer at Montague Law, opines, “This bill stipulates that transactions involving CBDCs won’t be protected by the usual UCC safeguards, potentially dissuading entities or individuals from conducting such transactions with CBDCs.”

He adds, “The UCC can impose obligations and alter third-party rights even without a distinct contractual relationship. Florida can modify this definition. The law goes into effect on July 1.

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