The Republican candidate has pledged to block CBDCs on his first day in office.
Republican presidential candidate Ron DeSantis stated that if elected on July 4th, he would immediately block the central bank digital currency (CBDC).
DeSantis stated the following in an interview with Blaze Media:
“If I am the president, on day one, we will nix central bank digital currency – done, dead, not happening in this country …
CBDC is a massive threat to American liberty, [and] on January 20, 2025, it goes the ash heap of history.
According to DeSantis, the Federal Reserve wants to consult with the legislative and executive branches of the U.S. government and ideally pass a law authorizing the CBDC.
These comments refer to a 2022 report that aligns the Federal Reserve’s statements with DeSantis’ description. However, the report also stated that the Federal Reserve does not seek to advance any specific policy and does not express an opinion on the ultimate desirability of a central bank digital currency. The Federal Reserve’s FAQ page currently states that it has not yet made a decision on whether to create a CBDC.
Nevertheless, DeSantis believes that state-level restrictions would prevent the Federal Reserve from introducing a CBDC and that legal action would ensue if they attempted to do so.
DeSantis noted that his state of Florida has already banned CBDCs, which means the state will not recognize any CBDC as legal tender. Florida introduced the regulation banning CBDCs in May, and DeSantis expects other states to do the same.
DeSantis Addresses Concerns About the World Economic Forum (WEF)
DeSantis also expressed concerns about the World Economic Forum (WEF) and stated that the group intends to use CBDCs to prevent “undesirable purchases” such as fuel and ammunition by eliminating cash and cryptocurrencies.
“This statement alludes to the comments made by Professor Eswar Prasad from Cornell University during a WEF event held in June. There, Prasad expressed mixed feelings and mentioned that CBDCs could potentially create a “better or a darker world” and referred to pornography, ammunition, and drugs as purchases that could be banned through CBDCs. Prasad does not hold a position within the WEF.
Despite DeSantis’s vague claims, many countries currently implementing CBDCs outline measures such as restricting illegal purchases already applicable to existing financial transactions and monitoring transactions.