Florida, Indiana Ban CBDCs: Gold As Money A State’s Right

Our GCR may eventually be realized by States exercising their Article 1 U.S. Constitutional powers through gold standard legislation

Florida and Indiana have taken decisive action by enacting laws that ban the use of central bank digital currencies (CBDCs) as money within their states. The intention behind these laws is to address concerns about potential threats to economic freedom and security. While these laws do not directly target free-market cryptocurrencies, they do establish a regulatory framework that could impact the future of digital currencies in these states.

Florida

In Florida, Governor Ron DeSantis spearheaded the legislation, resulting in the introduction of Senate Bill 7054 (S7054) by Rep. Wyman Duggan. Governor DeSantis emphasized the importance of safeguarding consumers and businesses from what he perceived as the reckless adoption of a centralized digital dollar. The legislation defines CBDCs as digital mediums of exchange or digital monetary units of account issued by entities such as the United States Federal Reserve System, foreign governments, and central banks. According to the Florida Uniform Commercial Code (UCC), “money” encompasses authorized mediums of exchange. However, S7054 explicitly states that CBDCs do not fall under this definition, effectively prohibiting their use as money. The bill received overwhelming support from the House and Senate and is scheduled to take effect on July 1.

Indiana

In Indiana, a similar ban on CBDCs was introduced through Senate Bill 468 (SB468), which underwent significant revisions before being enacted. The initial version of SB468 would have allowed for the use of CBDCs in Indiana by including them in the definition of money. However, grassroots opposition prompted changes to the language during the legislative process. The final version of SB468 excludes CBDCs from the definition of money, taking a neutral stance on free-market cryptocurrencies like Bitcoin. The legislation garnered broad support in both the House and Senate and is set to become effective on July 1, 2023, pending Governor Eric Holcomb’s signature.

While these laws specifically target CBDCs, they do not explicitly mention free-market cryptocurrencies. As a result, the use and classification of private cryptocurrencies remain unaffected by the legislation. This approach allows the current state of affairs regarding free-market crypto transactions to continue within these states.

What it Means – States May be Moving towards a Gold Dollar Standard and Our GCR

The enactment of these laws raises significant questions about the future of digital currencies in Florida and Indiana. Critics argue that the bans may stifle innovation, impede economic growth, and curtail personal freedom. On the other hand, proponents contend that these measures protect individuals from potential government surveillance and centralized control over monetary systems and banning a Federal CBDC is a step in the right direction.

With more states introducing and passing legislation to protect gold and silver as sound money, in line with Article I, Section 10 of the U.S. Constitution, which mandates their use as legal tender, a logical progression would be to implement a state-by-state path toward a gold standard dollar, both in physical and digital form. This would pave the way for a broader Gold Confiscation Resistant (GCR) release.

Source article: https://schiffgold.com/key-gold-news/florida-and-indiana-pass-laws-banning-the-use-of-a-cbdc-as-money-in-the-state/