Citing privacy concerns, Gov. Ron DeSantis opposes any U.S. Central Bank digital currency

PANAMA CITY − Gov. Ron DeSantis says the federal government should not have a say in how people spend their money.

With more than 100 people in attendance, DeSantis held a press conference on Monday at Gulf Coast State College's Charles Hilton Center. He announced that Florida will not support any efforts by the federal government to create and implement a U.S. Central Bank digital currency.

It's the latest issue that puts DeSantis at loggerheads with President Joe Biden. The governor is widely expected to launch a bid for president in the next few months after blasting Biden's policies on COVID-19 and immigration.

DeSantis noted Biden last year issued an executive order to explore the creation of a digital currency, which would be directly controlled and issued to consumers by the federal government.

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"The Order directs the U.S. Government to assess the technological infrastructure and capacity needs for a potential U.S. CBDC (Central Bank Digital Currency) in a manner that protects Americans’ interests," a White House fact sheet about Biden's announcement says.

"The Order also encourages the Federal Reserve to continue its research, development, and assessment efforts for a U.S. CBDC, including development of a plan for broader U.S. Government action in support of their work," the fact sheet says. "This effort prioritizes U.S. participation in multi-country experimentation, and ensures U.S. leadership internationally to promote CBDC development that is consistent with U.S. priorities and democratic values."

The White House said the Central Bank digital currency study was just one part of a "first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology."

But at Monday's press conference, DeSantis expressed concern about the privacy implications of establishing a Central Bank digital currency. He said such a move would give the government a "direct view" into consumers' activities, as well as possibly allow it to limit spending in ways it does not see fit.

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"This is something that is being proposed as being environmentally sustainable, (and) a way to increase access to consumers who lack the means to join a traditional bank," DeSantis said. "But as we've come to learn, any way they can get into society to exercise their agenda, they will do it.

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"So what the central bank digital currency is all about is surveilling Americans and controlling behavior of Americans. How do we know? We've seen this happen in other parts of the world. Look no further than China," the governor said.

DeSantis' move also comes after viral videos from conservative commentators, including Infowars founder Alex Jones, connected the recent bank failures to the pursuit of a digital currency. Those claims were debunked in a fact check by Agence France-Presse.

DeSantis said he believes there is an ongoing effort across the U.S. to approve back door provisions for the use of a centralized digital currency through the Uniform Commercial Code (UCC), which provides standard governing laws for commercial transactions across state lines.

While legislation to apply recent changes to the UCC have been introduced in about 20 U.S. states, DeSantis said no bill has been introduced in Florida. And if it were to be passed by the state legislature, he would veto it.

DeSantis also called on like-minded states to pass similar legislation to oppose a U.S. Central Bank digital currency and what he said was "Chinese influence in worldwide affairs."

"Ultimately, cash is king. If you can hold it in your hand, you have power over that," DeSantis continued. "The minute it's all digitized, somebody else is going to have control over that, and it's just a question of (if) they're going to let you live your life, (or) are they going to decide to do things (to) circumvent what you want to do."

Gannett Florida contributed to this report

This article originally appeared on The News Herald: Gov. Ron DeSantis unhappy with talk of Central Bank digital currency