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CBDC ban advocate Ron DeSantis ends US presidential race

by SuperiorInvest

Central bank digital currency (CBDC) opponent Ron DeSantis has withdrawn from the White House race, according to a Jan. 21 announcement, saying he could not continue a campaign that lacked a clear path to victory. victory.

“I can’t ask our supporters to volunteer their time and donate their resources. We have no clear path to victory. Consequently, today I am suspending my campaign.”

DeSantis shared the news in a 4-minute ad on X (formerly Twitter), confirming his already anticipated support for former United States President Donald Trump. “I’m not going to stop now. “It is clear to me that the majority of Republican primary voters want to give Donald Trump another chance.”

In the Iowa primary for the Republican Party nomination held on January 15, DeSantis finished second, trailing Trump by a 21% vote margin. DeSantis, who is also governor of Florida, officially launched his presidential bid in July 2023.

During one of his first campaign appearances, DeSantis promised to ban a possible version of the digital dollar if elected. “If I am president, on day one we will reject the central bank digital currency. Made. Dead. It’s not happening in this country,” he said at the event in Iowa.

Trump has taken the same position. During a recent campaign speech in Portsmouth, New Hampshire, he promised to “never allow” the Federal Reserve to create a CBDC. “I will never allow the creation of a central bank digital currency,” he said.

A CBDC is a digital form of a country’s fiat currency. Unlike cryptocurrencies like Bitcoin, which are decentralized and not controlled by any authority, CBDCs are centralized and backed by a nation’s central bank.

CBDCs can potentially improve payments efficiency and expand financial inclusion. However, critics argue that they could infringe on privacy and give governments excessive control over citizens.

According to Cointelegraph’s CBDC database, at least 100 countries are currently researching the technology, and nearly 40 countries are working on pilot projects or proofs of concept.

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