On Wednesday, the Florida State Senate passed a bill to ban CBDCs in the state.
CBDCs – Central Bank Government Currencies – are never to be confused with decentralized cryptocurrencies like Bitcoin and other – though there had been an attempt by “trustworthy” mainstream media in the past – and certainly some authorities – to conflate the two.
And while a true crypto currency depends on peer-to-peer interactions – CBDCs are just digital versions of fiat money, backed by governments – but thanks to the tech involved, with so much more ability to trace and track people using their money.
But the key difference is that cryptocurrencies’ very purpose is to bypass control of central banks and create a decentralized money system – while CBDCs are just as the name says. More control of your bank account by the state, only this time, in digital form.
Well, it appears, not so fast in Florida. That kind of “money” – according to a Florida Senate bill that just got passed – means squat.
The bill goes into the detail of explaining what a CBDC is – an “ital medium of exchange, or digital monetary unit of account issued by the US Federal Reserve System – “a federal agency, a foreign government, a foreign central bank, or a foreign reserve system that is made directly available to a consumer by such entities” – and that is processed or validated directly by such entities.
Great gift – but apparently, not in Florida. The state’s Uniform Commercial Code (UCC) defines money as a medium of exchange that is currently authorized or adopted by a domestic or foreign government.
But California Senate Bill S7054 said the term “CBDC” does not apply to the aforementioned definition.
The Uniform Commercial Code (UCC) adopts state laws according to the Uniform Law Commission ruling commercial transactions in the US.
The “uniform” status of the code, however, will no longer apply in Florida if it goes ahead with S7054.
“Today’s announcement will protect Florida consumers and businesses from the reckless adoption of a ‘centralized digital dollar’ which will stifle innovation and promote government-sanctioned surveillance. Florida will not side with economic central planners; we will not adopt policies that threaten personal economic freedom and security,” Governor DeSantis when the bill was introduced.
The whole purpose of CBDCs is to gradually remove cash from the payment equation.
And at that point – any of your transactions, big or small, significant or irrelevant – become the basically intelligence knowledge of the authorities, relating to you person and livelihood.