Central Bank Digital Currencies - The Big Question

I’m going to be out most of the day and probably will not be able to have a Substack ready for tomorrow. I saw a news story relating to the announcement that the Federal Reserve is ready to roll out its Central Bank Digital Currency (CBDC) payment system this coming July and wanted to comment on what I’ve been reading.

For those who are unfamiliar with the arguments against a 100%-based digital currency controlled exclusively by the Federal Reserve, recall that you’ve heard how individuals and some companies have been "de-banked" in the last decade. For example, many are worried that if records show they are unvaccinated, their accounts will be shut off until they are. Or, until you turn in your firearms, you will have no access to commerce. Some believe that the powers that be wouldn’t do this, but without being an alarmist, I believe it’s a very real possibility. Many have been sounding the alarm on these CBDCs and telling people this is our last stand and we have to "fight like hell!" What IS being done in reality to combat CBDCs?

Some people think I’m a fanboy of the governor of Florida, Ron DeSantis. But that usually comes from the ideologically possessed adjacent to me. With that being said, Governor DeSantis proposed a ban on all CBDCs in the state of Florida this week. Here’s what he said to the Florida legislature:

I am here to call on the legislature to pass legislation to expressly forbid the use of CBDC as money within Florida’s uniform commercial code.

The article continues:

DeSantis called out the notion of the government having a “direct view of all consumer activities.”

“Any way they can get into society to exercise their agenda, they will do it […] How do we know? Because we’ve seen this happen in other parts of the world,” DeSantis said.

DeSantis went on to mention that he’s talking to other state leaders about doing this in tandem:

He spoke with Texas’ lieutenant governor and believes they may do something similar to Florida.

“I think it’s really important that states stand up to fight back against some of the things that are going on, or most of the things that are going on right now in Washington, because they don’t have your best interests at heart. They have their own power at heart,” DeSantis said. 

What are the implications if a couple of states ban the use of CBDCs within their jurisdiction? As a friend mentioned upon being informed of DeSantis’ proposal to ban CBDCs, this essentially bans CBDCs nationally or at least prevents the Fed’s CBDC from being made the only legal tender in the USA.

Is the “fight” against a digital currency, something that could be turned off if you have opinions that are contrary to the regime, over? No. But I think this gives us a glimpse into how states and localities can mitigate the attack on decent and normal people going forward.