DeSantis grills Fed for considering digital central currency, argues it will be abused

TALLAHASSEE, Fla. (FLV) – In response to a U.S. Federal Reserve tweet promising that central bank digital currency would not be issued unless Congress and the U.S. president authorizes it, “ideally in the form of a [law],” Gov. Ron DeSantis said Americans “are wise enough to know” that such a currency would be abused.

“The Federal Reserve has made no decision on issuing a central bank digital currency (CBDC) & would not do so without clear support from Congress and executive branch, ideally in the form of a specific authorizing law,” the Federal Reserve said. “A CBDC would not replace cash or other payment options.”

The thread from the agency was crafted to answer the “FedNow” service, which is a new digital system launching in July that aims to enable businesses and individuals to send instant payments.