U.S. has already moved ahead with the pilot launch of CBDC last year under Biden’s regime.
Florida Governor has proposed a legislative proposal that would prohibit the use of Central Bank Digital currency in the state.
Governor Ron DeSantis is also rumoured to run for the Presidential election from the Republican side.
The proposed law will also restrict any overseas central bank from issuing CBDC within the state. The governor call other states to follow the suit as Central Bank Digital Currency take shape this year.
CBDC was introduced in the United States under the administration of President Joe Biden that aims to replace the fiat dollar with the digital dollar.
CBDC is primarily backed by blockchain technology which works in a centralized manner. The currency is programmable and exploits privacy.
It can trace user spending to the last cent and has the power to freeze user accounts without prior notice. Moreover, the currency can also be programmed to expire.
India, China and Japan are some of the leading nations testing the benefits of Central Bank Digital Currency.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.