Florida Governor Ron DeSantis recently signed a bill that outlawed the use of central bank digital currencies (CBDCs) in Florida.
What Happened: It seems that other states may follow in his footsteps. Here's a look at all states opposing CBDC.
Texas lawmakers have drafted a bill called “Expressing opposition to the creation of a central bank digital currency” (Texas Senate Concurrent Resolution 25), which argues that a digital dollar could lead to increased levels of "government surveillance and control over private cash holdings and transactions."
The Louisiana Legislature has raised concerns about privacy, stating that the technology "raises significant concerns over the privacy of individuals and businesses in Louisiana."
North Dakota’s proposed bill, “The adoption of a Central Bank Digital Currency in the United States,” warns that implementing a CBDC would grant the Federal Reserve unprecedented control over the North Dakota people’s "lives, freedoms, choices, and sovereignty."
Alabama’s bill is similar to the Florida law. It is currently under review and would prevent state or government local agencies from using CBDCs.
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Why It Matters: DeSantis on May 13 signed a Senate bill to prohibit the use of a federally-adopted central bank digital currency, or CBDC.
“The legislation I signed today makes Florida the first state in the nation to protect individuals from government surveillance in their personal finances through a CBDC,” DeSantis said on Twitter.
CBDCs are digital currencies issued by central banks and backed by government guarantees. On the other hand, cryptocurrencies such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are decentralized digital assets not regulated by any authority and operate on a peer-to-peer network.
Price Action: At the time of writing, BTC was trading at $27,368, up 0.95% in the last 24 hours, according to Benzinga Pro.
Read More: Bitcoin, Ethereum, Dogecoin Rise Despite Recession Fears: Analyst Forecasts ‘Crypto Summer’ This June
