Florida Governor Ron DeSantis, a staunch opponent of central bank digital currencies (CBDCs), has withdrawn from the race for the White House.
Florida Governor Ron DeSantis, a staunch opponent of central bank digital currencies (CBDCs), has withdrawn from the race for the White House. In a statement released on X (formerly Twitter) on January 22, DeSantis cited the lack of a clear path to victory as the reason for his decision. "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," DeSantis said.
Despite his withdrawal, DeSantis reaffirmed his support for former President Donald Trump, who has also taken a strong stance against CBDCs. "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 stated.
DeSantis's decision to drop out of the race comes after a disappointing performance in the Iowa primary, where he finished second to Trump with a significant margin. The Florida governor had officially launched his presidential bid in July 2023.
During his campaign, DeSantis vowed to ban CBDCs if elected. "If I am the president, on day one, we will nix central bank digital currency. Done. Dead. Not happening in this country," he said at an event in Iowa.
Trump has echoed DeSantis's position on CBDCs. In a recent campaign speech in 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," Trump stated.
CBDCs are digital forms of a country's fiat currency, issued and backed by a nation's central bank. While CBDCs have the potential to improve payment efficiency, critics argue that they could infringe on privacy and grant authorities excessive control over citizens.
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