Florida Governor Says Fed-made Digital U.S. Dollar Threatens US Financial Freedom

Key Points:

• Florida Governor Ron DeSantis alleges a Fed-made digital U.S. dollar would allow the government to block transactions, including buying a rifle or filling up with “too much gas.”
• The Republican governor has introduced legislation in Florida seeking to ban the use of any Fed-issued digital currency in the state and has called on other states to do the same.

Florida Governor Ron DeSantis claims a digital dollar would allow the government to block transactions, ceding financial freedom to a central bank without citizens’ interests at heart.

According to a recent report by NBC News, the Federal Reserve is considering issuing a digital version of the dollar to keep up with other countries that have already implemented digital currencies. However, officials have emphasized that they have not yet committed to the idea.

Fed Chair Jerome Powell has stated that the central bank will not issue any consumer-facing digital dollar without authorization from Congress. This gives citizens some reassurance that the government won’t make any sudden moves without proper regulation.

Last year, the Federal Reserve analyzed the potential pros and cons of issuing a digital dollar in a white paper, which did not mention any intention to throttle transactions, meaning that the digital dollar wouldn’t be used as a tool to control people’s finances, as some have claimed.

Florida Governor Ron DeSantis has introduced legislation in Florida to ban the use of any Fed-issued digital currency in the state. The governor alleges that a Fed-made digital U.S. dollar would let the government block transactions like buying a rifle or filling up with “too much gas,” which he says would be equivalent to ceding the power of financial freedom to a central bank that doesn’t have citizens’ interests at heart.

It is ceding the power of our financial freedom to a central bank which does not have our interests at heart.

DeSantis said

Anti-vaccine activist Robert F. Kennedy Jr. also voiced his opinion on Twitter, stating that a Fed-issued currency would enable the government to surveil private financial affairs, restrict transactions, and limit spending to approved vendors. It’s worth noting that some of these claims are unfounded, but it shows that there is a lot of concern and speculation around the potential implications of a digital dollar.

Despite the debates and concerns surrounding the digital dollar, the Federal Reserve is proceeding with its “FedNow” initiative, aimed at shortening the time it takes for banks to send funds to other banks. The initiative is planned for a July rollout, giving banks and consumers a new platform for faster transactions.

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