At a recent debate held at the University of Alabama, Republican candidates gathered to discuss various topics, including cryptocurrency regulation and Central Bank Digital Currency (CBDC).
Governor DeSantis: Opposing CBDC for Personal Freedoms
During the event, Florida Governor Ron DeSantis criticized the idea of a central bank digital currency and pledged to discard it if he were elected president. He took the opportunity to express his staunch opposition to CBDC, portraying President Biden’s support for such a currency as a direct assault on personal freedoms, including privacy and unregulated purchasing power. DeSantis argued that implementing CBDC would eliminate the use of cash and force individuals to rely solely on digital transactions, thereby jeopardizing privacy and enabling excessive regulation of purchases.
“President Biden’s desire to implement a CBDC is nothing short of an attack on personal liberties,” DeSantis declared.
Concerns about CBDC voiced by Prominent Figures
The debate stage featured prominent political figures, including former UN Ambassador Nikki Haley and former New Jersey Governor Chris Christie. Notably absent was former President Donald Trump, who opted to attend a fundraiser in Florida instead.
DeSantis, who has recently signed a bill banning CBDCs in the state of Florida, highlighted concerns about the potential use of CBDCs to control and surveil Americans. He pointed out that the government could use CBDCs to stop people from buying gas to combat global warming or track how often someone purchases firearms.
“The introduction of CBDCs poses a grave risk to our privacy and personal freedoms,” DeSantis emphasized.
Public Reservations about CBDCs
According to recent studies conducted by Trezor and WealthRocket, people in both Canada and the UK also have reservations about embracing CBDCs as an alternative to cash. Approximately 39% of the 1,500 Canadians surveyed by WealthRocket expressed concerns about losing control over their finances if CBDCs were implemented. Many individuals fear that granting the government unilateral control over their money may compromise their financial autonomy.
“The potential implications of CBDCs on financial autonomy cannot be ignored,” said Vivek Ramaswamy, a presidential candidate.
Vivek Ramaswamy, another presidential candidate who joined the discussion, criticized the existing regulatory framework as ineffective. He pointed to the recent controversy involving Sam Bankman-Fried (SBF) and his company FTX as evidence of regulatory shortcomings. Ramaswamy emphasized the need for regulations to keep up with the evolving landscape of fraud, criminal activities, and terrorism.
“Our regulations need to catch up with the current moment. The fact that SBF was able to do what he did at FTX shows that whatever they have in the current framework isn’t working,” Ramaswamy asserted.
“The people who we elect to run the government are not the ones who are even actually running the government. It is the bureaucrats in those three-letter agencies,” Ramaswamy stated.
Ramaswamy further expressed his disappointment in SEC Chairman Gary Gensler’s inability to confidently classify Ethereum during his congressional testimony. He deemed it embarrassing that the leader of the SEC could not definitively determine whether Ethereum should be considered a regulated security or not.
“It’s time for a change,” Ramaswamy concluded.
