May 19, 2024
Champion of CBDC Ban, Ron DeSantis, Exits Presidential Race
Policy & Regulation

Champion of CBDC Ban, Ron DeSantis, Exits Presidential Race

In a surprising turn of events, Ron DeSantis, the vocal opponent of central bank digital currency (CBDC), announced his withdrawal from the White House race on January 21, acknowledging the absence of a clear path to victory for his campaign.

In a heartfelt 4-minute announcement on X (formerly Twitter), DeSantis expressed gratitude to his supporters but admitted, “I can’t ask our supporters to volunteer their time and donate their resources. We don’t have a clear path to victory. Accordingly, I am today suspending my campaign.” He confirmed what many had anticipated, throwing his support behind former President Donald Trump. “I will not stop now. It’s clear to me that a majority of Republican primary voters want to give Donald Trump another chance.”

DeSantis’ decision comes after the Iowa primary for the Republican Party nomination held on January 15, where he secured the second position, trailing Trump by a 21% margin of votes. The governor of Florida officially launched his presidential bid in July 2023.

During his campaign, DeSantis made headlines for his firm stance against central bank digital currencies. At one of his initial campaign appearances, he declared, “If I am the president, on day one, we will nix central bank digital currency. Done. Dead. Not happening in this country,” specifically referring to a potential version of the digital dollar.

This viewpoint aligns with that of Trump, who has taken a similar stance on CBDCs. In a recent campaign speech in Portsmouth, New Hampshire, Trump vowed to “never allow” the Federal Reserve to create a central bank digital currency. “I will never allow the creation of a central bank digital currency,” he emphatically stated.

Central bank digital currencies represent a digital form of a country’s fiat currency, differing from decentralized cryptocurrencies like Bitcoin. CBDCs are centralized and backed by a nation’s central bank, leading to potential improvements in payment efficiency and expanded financial inclusion. However, critics argue that CBDCs could infringe on privacy and grant governments excessive control over citizens.

As the political landscape evolves, the withdrawal of Ron DeSantis from the presidential race and his endorsement of Donald Trump adds an intriguing dimension to the ongoing discussions surrounding CBDCs and the candidates’ positions on digital currencies and financial policies.


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