It Goes to the Ash Heap of History: Ron DeSantis, a proponent of bitcoin and etherium, claims that if elected president in 2023, he will destroy the digital currency.

Florida Governor and prospective presidential candidate Ron DeSantis opposes central bank digital currency

Ron DeSantis, governor of Florida and prospective presidential candidate, is a proponent of Bitcoin and Ether.

Manifests Disapproval of the Development of Central Bank Digital Currency.

Florida’s current governor and prospective presidential contender Ron DeSantis has expressed opposition to the concept of adopting a digital currency regulated by a central bank.

DeSantis, a proponent of digital currencies like Bitcoin and Ethereum, thinks that a digital currency issued by a central bank is unneeded and not good for the economy.

Bitcoin

Symbol

Pair

Price

Change

BTC

USD

$30,314.68

-$860.88

Market Cap

$589.01B

  

Volume

24.71B

  

Ethereum

Symbol

Pair

Price

Change

ETH

USD

$1,759.78

-$46.84

Market Cap

$231.16B

  

Volume

16.05B

  

Concerns About Central Bank Digital Currencies and Their Effect on Individual Freedom are Highlighted by Ron DeSantis

What took place: The Florida governor and probable US presidential contender Ron DeSantis voiced his worries about Central Bank Digital Currencies (CBDCs) in an interview with Tucker Carlson at the Family Leadership Summit.

He claimed that CBDCs seriously threaten American freedom. 

DeSantis is concerned that the government’s ability to oversee people’s financial activities may be compromised by the introduction of CBDCs, which he feels has the potential to violate privacy rights and individual liberties.

Ron DeSantis Warns of Potential Risks to Individual Freedom With the Implementation of Central Bank Digital Currency (CBDC)

Throughout a conversation with Tucker Carlson.

Concerns concerning Central Bank Digital Currency (CBDC) were voiced by Ron DeSantis.

He noted that the possible use of CBDCs might result in the total abolition of cash and cryptocurrencies, making them the sole acceptable method of payment. 

DeSantis thinks that granting the government this authority would lead to limitations on some purchases, such as those of gasoline and weapons. 

He goes on to say that this would open the door for a social credit system in the nation, which would pose a serious danger to American liberty. 

DeSantis is concerned that CBDCs may allow the government to have excessive control over citizens’ financial activities, perhaps restricting what people may purchase and threatening personal freedoms.

He continued, emphasizing that he would eliminate CBDC if elected president on January 20, 2025. “It goes to the ash heap of history in this country,” he said.

Tucker: Are you concerned about Central Bank Digital Currencies?

DeSantis: “They want to get rid of cash. They want no cryptocurrency. They want this to be the sole form of legal tender. It will allow them to prohibit undesirable purchases like fuel and ammunition. So, the… pic.twitter.com/Lmv5OzerlF

— KanekoaTheGreat (@KanekoaTheGreat) July 14, 2023

The Joe Biden administration is getting ready to launch a Central Bank Digital Currency (CBDC) for the US market.

Similar to cryptocurrencies supported by the government, like Bitcoin, this digital currency would be a representation of actual money in the digital realm.

President Biden requests a study on developing a digital dollar for the US.

President Biden directed the Office of Science and Technology Policy to produce a thorough study on the advantages and disadvantages of developing a digital dollar for the United States in March 2022. 

The government has considered deploying digital currency before, but this is not the first time it has made a choice.

The Federal Reserve started a 12-week program using simulated data shortly after the Biden directive to investigate the idea of a digital currency. 

Central Bank Digital Currencies (CBDCs) Advocates and Detractors Speak Out

to individuals who are in favor of Central Bank Digital Currencies (CBDCs).

They think they can make banking services more user-friendly, more affordable, and available to everyone in the US. 

They contend that CBDCs have the power to improve and expand the accessibility of financial transactions. 

In the event that a digital currency is adopted, opponents have expressed worries about privacy-related issues and the potential for an excessive concentration of power in the hands of the federal government. 

They are concerned that the implementation of a CBDC may jeopardise individual privacy and allow the government excessive influence over citizens’ financial lives.

CBDCs: Pros and Cons

Pros of CBDCs

Cons of CBDCs

Enhanced Accessibility

Privacy Concerns

Improved Efficiency

Centralization of Power

Reduced Fraud and Counterfeiting

Technological Barriers

Monetary Policy Control

Disruption of Banking System

Financial Inclusion

Cybersecurity Risks

Conclusion: The introduction of Central Bank Digital Currencies (CBDCs) has generated a variety of opinions. Supporters think CBDCs may enhance financial services, making them more widely available, convenient, and economical. They contend that CBDCs can improve financial transactions and broaden accessibility. However, opponents of digital currency raise worries about privacy issues and the potential for a power grab inside the government. They are concerned that it would jeopardize individual privacy and provide the government with disproportionate influence over citizens’ financial lives. Policymakers, economists, and those concerned about personal freedom and financial privacy continue to have conversations and disputes concerning CBDCs.

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