CBCC ban advocate Ron DeSantis stopped the US presidential race
Central Bank Digital Currency (CBCC) challenger Ron DeSantis has dropped out of the race for the White House, announcing on January 21 that he cannot continue in a campaign without a clear path to victory.
“I cannot ask enough of our fans to volunteer their time and donate their resources. We don't have a victory lane. Accordingly, I have terminated my campaign today.
DeSantis shared the news in a 4-minute announcement on X (formerly Twitter), confirming his expected support for former US President Donald Trump. “I will not stop now. It's clear to me that most Republican primary voters want to give Donald Trump another chance.
In the Jan. 15 Iowa primary for the Republican nomination, DeSantis finished second, beating Trump by 21%. DeSantis, the governor of Florida, has officially launched his presidential bid in July 2023.
“Success is not final, and failure is not fatal. The key is the courage to continue.”
– Winston Churchill pic.twitter.com/ECoR8YeiMm
— Ron DeSantis (@RonDeSantis) January 21, 2024
DeSantis has promised to ban a version of the digital dollar if elected in one of his first campaigns. “If I'm president, we're going to introduce a central bank digital currency on the first day. It's done. It's dead. It's not happening in this country,” he said at an event in Iowa.
Trump has taken a similar stance. During a recent campaign speech in Portsmouth, New Hampshire, the Federal Reserve vowed to “never allow” the creation of the CBCC. “I will never allow the creation of a central bank digital currency,” he said.
CBCC is a digital version of a country's fiat currency. Unlike cryptocurrencies like Bitcoin, which are decentralized and not regulated by any authority, CBCCs are centralized and backed by a country's central bank.
CBDCs can improve payment efficiency and expand financial inclusion. However, critics argue that they can violate privacy and allow governments to exercise excessive control over citizens.
According to Cointelegraph's CBDC database, at least 100 countries are currently studying the technology, with about 40 countries working on pilots or concepts.
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