DeSantis signs bill banning a 'centralized digital dollar' in Florida

[Eugene]

Source: Spectrum News

DeSantis signs bill banning a 'centralized digital dollar' in Florida

BY SPECTRUM NEWS STAFF FLORIDA
UPDATED 11:53 AM ET MAY. 12, 2023 PUBLISHED 11:16 AM ET MAY 12, 2023

FORT MYERS, Fla. — During a press conference in Fort Myers on Friday, Gov. Ron DeSantis signed a bill banning a “centralized digital dollar” in Florida.

Senate Bill 7054 aims to protect consumers and businesses in Florida by "revising the definition of the term 'money' for purposes of the Uniform Commercial Code."

DeSantis initially proposed the legislation on March 20, saying a Central Bank Digital Currency “would diminish the role of community banks and credit unions and track consumer spending, while having the power to cut off access to goods and services.”

Although no such currency has been adopted in the United States — and it may never — DeSantis proposed the legislation following an executive order from President Joe Biden last year calling for “urgency on research and development of a potential U.S. CBDC,” according to a White House release.

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Read more: https://www.mynews13.com/fl/orlando/news/2023/05/12/desantis-signs-bill-banning-a--centralized-digital-dollar--in-florida