The underlying cause of DeSantis’s staunch opposition is rooted in his belief that the Federal Reserve will exploit CBDCs to advocate an anti-cash, anti-crypto policy. The Florida Governor predicts a future where CBDCs usurp all other forms of legal tender, effectively granting the Fed the power to restrict purchases they deem unfavorable, such as fuel and ammunition.
The controversial issue of CBDCs has taken center stage as the 2024 electoral race intensifies. Many, especially within libertarian sections of the Republican Party, are apprehensive that such currencies might encroach upon the sacrosanct privacy rights of American citizens. There’s a growing chorus arguing that CBDCs could bestow governments with an unprecedented level of control over individual expenditure.