Florida Governor's Proposed Ban on CBDCs Could Outlaw Bitcoin

Governor Ron DeSantis of Florida has earlier publicly endorsed proposed legislation that seeks to outlaw the use of central bank digital currency (CBDC) in the state. The governor has specifically expressed his intention to introduce a bill that would prevent CBDCs from being used as a medium of exchange within the state.

However, the bill might possibly need a revision, as it could unintentionally ban Bitcoin in the state.

Also read: Binance BUSD Stumbles Under Regulatory Pressure: $500 Million Outflows

Source: Tampa Bay Times

Florida CBDC ban bill might need revision

The bill laid out by Governor Ron DeSantis passed in the House Commerce Committee, 15-5 in favor of the bill. DeSantis was generally against the idea of a digital currency being controlled by the government.

But the key issue with the bill is that it defines CBDCs as digital currencies that are validated by a foreign government. Bitcoin’s legal status is subject to interpretation by lawmakers, and its recent adoption as legal tender by El Salvador can be considered a form of validation in a non-technical sense. It is uncertain whether El Salvador’s central bank or any other government entity operates fully validating Bitcoin nodes, also referred to as full nodes.

A Florida House of Representatives member, Wyman Duggan, reportedly stated that they will make the necessary changes to the bill and there is no intention to ban Bitcoin. At this time, the bill has yet to pass in the bodies of the Florida house or senate.

  • bitcoin
  • CBDC
  • florida

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