DeSantis: Bitcoin Poses Threat to Current Regime

Florida’s governor and a potential leader of the Republican Party discussed cryptocurrency and digital currencies issued by central banks in a Twitter conversation with Elon Musk.

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The new candidate vying for the Republican Party leadership expressed support for cryptocurrencies.

During a Twitter discussion with Elon Musk and venture capitalist David Sacks, where he officially declared his candidacy for U.S. president, Ron DeSantis stated that the current government is clearly against Bitcoin. He expressed concern that if this situation persists for another four years, Bitcoin might face significant harm.

Also Read This Related:Florida is the first US state to ban CBDCs

DeSantis believes that crypto relates to civil liberties. As the governor of Florida, he enacted a law that bans the use of central bank digital currencies within the state. However, some legal experts have raised doubts about whether the law effectively achieves its intended purpose.

“I simply don’t have the desire to control every aspect of people’s activities in this area,” he stated. “They perceive Bitcoin as a threat and are attempting to regulate it in a way that would make it cease to exist.”

During the interview, DeSantis emphasized the need for Congress to approve a central bank digital currency (CBDC). He pledged that if he becomes president, he would steer clear of implementing a CBDC due to worries about its potential misuse for influencing purchases that are politically unfavorable.

However, there are arguments suggesting that central bank digital currencies (CBDCs) establish constitutional protections for commercial activities. This means that individuals engaging in transactions deemed unfavorable, such as purchasing ammunition or selling explicit content, would have a defense against being denied banking services. This defense is not applicable when dealing with private companies.

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Nevertheless, CBDCs could become a divisive topic in U.S. politics.

According to Samuel Armes, president of the Florida Blockchain Business Association, who assisted in drafting DeSantis’ bill against CBDCs, the governor’s office has received a higher number of phone calls regarding CBDCs compared to other typical concerns.

A recent poll conducted by Quinnipiac University indicates that among Republican and Republican-leaning voters, former President Donald Trump continues to hold a higher level of support than Governor DeSantis. The poll reveals that 56% of respondents back Trump, while 25% support DeSantis.

DeSantis is not the only Republican candidate to discuss Bitcoin. Another candidate, Vivek Ramaswamy, who was previously a pharmaceutical entrepreneur and considered a less likely contender, expressed during the Bitcoin 2023 event in Miami that the upcoming election should be a “vote on traditional currency.” He has also strongly opposed central bank digital currencies (CBDCs) with a clear “no way.”

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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