A central bank digital currency is currently being studied by the Biden Administration.

The Florida governor (and possible Republican presidential candidate) Ron DeSantis has proposed a law prohibiting the use of national central bank digital currencies (CBDCs) as money.

‘Today’s announcement protects Florida consumers and businesses from the reckless adoption of a ‘centralized digital dollar,’ which stifles innovation and encourages government surveillance,’ said DeSantis.

According to the governor’s statement, other states should adopt legislation similar to Florida’s banning CBDCs issued by overseas central banks.

The federal government was ordered last year to study the possible uses and risks of CBDCs by President Joe Biden.

A federal CBDC, DeSantis said, would diminish the role of community banks and credit unions in addition to privacy concerns.