DeSantis signs bills dealing with central bank digital currency and gun sales in Florida

TALLAHASSEE, Fla. (CBS12) — Governor Ron DeSantis signed two bills into law on Friday that push back against the possibility of a federal central-bank digital currency.

Those laws would also prevent credit-card companies from tracking any sales of guns and ammunition.

One of the bills would prevent digital currency issued by the U.S. Federal Reserve or foreign governments from being treated as money under Florida’s uniform commercial code.

Last year, President Joe Biden signed an executive order directing officials to examine the risks and benefits of cryptocurrencies.

The order also asked for recommendations on a central bank digital currency.

The currency would be similar to cryptocurrencies, but it would include differences such as the value being fixed by the Federal Reserve.

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DeSantis, who is widely expected to run for president in 2024, says the bill is designed to keep the federal government from deciding how people can use their money.

“Cash is king. When you have that, you control your own destiny," DeSantis said. "If you’re relying on some digital system and you have no other recourse, and it’s controlled by a central authority, you are putting your independence in their hands.”

The other bill signed today will prevent credit-card companies from using a separate “merchant category code” for sales at gun businesses in Florida.

Similar four-digit codes are already used to separate purchases and collect data from places such as grocery stores, gas stations, restaurants and bookstores.

Last year, Visa, Mastercard and American Express announced plans to categorize gun-shop sales. But after Republican pushback in several states, the plans have been paused.

The new laws will take effect July 1.

It will be up to Governor Ron DeSantis whether gun sales should be tracked by credit card companies.

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The state legislature sent a bill to his desk on Thursday, that would prevent the tracking.

Credit cards would not be able to categorize these kinds of sales with a four-digit code.

The sponsor of this bill— Republican John Snyder from Stuart — says the bill would protect supporters of the second amendment from being worried about retribution for buying ammunition or a gun.

Although, Democrats argue it would create problems tracking sales involved in violent incidents.

The four-digit codes are already placed on sales from grocery stores, gas stations, restaurants and bookstores, not just gun and ammunition sales.