Ron DeSantis Exits Presidential Race, Echoes Trump's Opposition to CBDCs
Summary:
Vocal critic of Central Bank Digital Currencies (CBDCs), Ron DeSantis, has withdrawn his presidential bid due to an unclear path to victory. He publicly endorsed former President Trump, who's leading in the Republican primary. DeSantis had earlier committed to banning CBDCs if elected President, aligning with Trump's stance on the matter. CBDCs, while praised for potential payment efficiency and financial inclusion, face criticism over privacy concerns and fear of government overreach.
The vocal critic of Central Bank Digital Currencies (CBDCs), Ron DeSantis, has opted out from the presidential race as per an announcement made on January 21. The rationale behind his retreat was the lack of a defined roadmap to secure victory, hence he stated, “I cannot disrespect our supporters by asking them to invest their time and money without an assured victory.” He made this revelation in a 4-minute video posted on platform X, previously known as Twitter, ultimately endorsing the former US President, Donald Trump. His statement, “I am not one to quit, but it's pretty clear that the majority of Republican primary voters want Donald Trump to have another shot at presidency,” affirmed his support for Trump.
In the Republican Party's Iowa primary that took place on the 15th of January, DeSantis came second, trailing Trump by a significant 21% vote difference. Governor of Florida, DeSantis, had officially announced his candidacy for presidency in July of 2023. A statement on his account read, “Success is not final, failure is not fatal: it is the courage to continue that counts,” quoting Winston Churchill.
In one of his initial campaign speeches, DeSantis had committed to quashing the hypothetical digital dollar if he won the presidency. “If I’m elected, on the first day, a CBDC is off the table. It will not materialize in the United States,” he declared at an Iowa event. Trump's opinion aligns with DeSantis', as reflected in his recent campaign speech in Portsmouth, New Hampshire, where he pledged to deny the Federal Reserve the power to establish a CBDC.
In essence, a CBDC is a digital variant of a country's legal tender. Dissimilar from cryptocurrencies like Bitcoin that are decentralized and without single authority control, CBDCs are centralized, controlled and endorsed by a national central bank. While they can enhance payment efficiency and foster financial inclusivity, critics raise concerns about potential breaches of privacy and government overreach.
Research conducted by Cointelegraph shows that approximately 100 countries are investigating CBDC technology currently, with nearly 40 experimenting with prototype models or proofs-of-concept.
Published At
1/22/2024 12:54:07 AM
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