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  <p class="is-style-lead">US economics professor Eswar Prasad has said that governments can program central bank digital currencies (CBDCs) to restrict purchases made by citizens.</p> 
  <p>Speaking at a June World Economic Forum (WEF) event, Cornell University professor Eswar Prasad opined that one of the “dangerous” aspects of CBDCs could be its ability to enable authorities to decide how people spend their money.</p> 
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     <p lang="en" dir="ltr">Governments can program Central Bank Digital Currencies (CBDCs) with expiry dates and to restrict “undesirable” purchases, according to Eswar Prasad, WEF. <a href="https://t.co/0NP0YS6gUK" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/0NP0YS6gUK</a></p>— unusual_whales (@unusual_whales) <a href="https://twitter.com/unusual_whales/status/1680366886977159173?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 16, 2023</a> 
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  <p>Professor Prasad <a href="https://www.weforum.org/events/annual-meeting-of-the-new-champions-2023/sessions/the-future-of-money" target="_blank" rel="noopener noreferrer nofollow">hypothesized</a> that given the programmability of CBDCs, governments could input features such as expiry dates and the ability to purchase some things, not others.&nbsp;</p> 
  <p>According to the professor, through these government-sanctioned digital currencies, authorities could stop people from buying harmful or socially undesirable products, including drugs, guns, ammunition, or pornographic content.</p> 
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  <p>However, the Cornell economist warned that if governments used <a href="https://crypto.news/imf-aims-to-unify-cbdcs-with-global-platform/" target="_blank" rel="noopener noreferrer nofollow">CBDCs</a> as conduits for economic or social policies in a targeted way, it could affect the digital currency’s integrity and even compromise the independence of central banks.</p> 
  <p>Professor Prasad’s remarks have elicited strong reactions in the crypto world, where CBDCs have long been a topic of contention.&nbsp;</p> 
  <p>Opponents of central bank-controlled digital currencies believe they endanger users’ privacy and might lead to total government control. At the same time, supporters see them as tools to increase adoption and a global use case for blockchain technology.</p> 
  <p> You might also like: <a href="https://crypto.news/lac-countries-cbdcs-ryptocurrency-imf/" rel="noopener noreferrer nofollow"> LAC countries more open to CBDCs compared to cryptocurrency: IMF report </a> </p> 
  <h2 class="wp-block-heading" id="ron-desantis-to-ban-cbdcs-if-elected-president">Ron DeSantis to ban CBDCs if elected president</h2> 
  <p>CBDC projects have <a href="https://www.atlanticcouncil.org/cbdctracker/#:~:text=The%20European%20Central%20Bank%20is,plan%20to%20launch%20in%202024." target="_blank" rel="noopener noreferrer nofollow">expanded</a> dramatically in recent years, with over 100 countries exploring the technology and at least 39 countries conducting CBDC pilots, proof-of-concept tests, or other similar activities.</p> 
  <p>While the U.S. Federal Reserve has distanced itself from any plans to create a digital dollar anytime soon, politicians vying for office in the 2024 election have frequently made pronouncements on crypto-related issues in their early campaigns. CBDC opponents are predominantly Republican, making the subject a very partisan one.&nbsp;</p> 
  <p>One of its more strident <a href="https://crypto.news/florida-governor-ron-desantis-challenges-cbdcs-defends-financial-freedom/" target="_blank" rel="noopener noreferrer nofollow">opposer</a> is former Florida governor Ron DeSantis, who once described the idea of CBDCs as “woke” and signed a <a href="https://crypto.news/florida-governor-supports-state-bill-banning-cbdcs/" target="_blank" rel="noopener noreferrer nofollow">bill</a> banning their use in Florida.</p> 
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     <p lang="en" dir="ltr">JUST IN: 🇺🇸 Presidential candidate Ron DeSantis says he will ban central bank digital currencies (CBDC) "on day one" if elected in 2024. <a href="https://t.co/IzZFbP10qW" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/IzZFbP10qW</a></p>— Watcher.Guru (@WatcherGuru) <a href="https://twitter.com/WatcherGuru/status/1680046349587292167?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 15, 2023</a> 
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  <p>DeSantis, now vying to be the next U.S. president, reiterated his stance against a digital version of the U.S. dollar on July 14 at the <a href="https://edition.cnn.com/2023/07/14/politics/2024-republicans-iowa-family-leadership-summit/index.html" target="_blank" rel="noopener noreferrer nofollow">Family Leadership Summit</a> in Iowa. He promised to outlaw CBDCs on the first day of his administration if elected president.</p> 
  <p> Read more: <a href="https://crypto.news/ron-desantis-urges-for-the-prohibition-of-cbdcs/" rel="noopener noreferrer nofollow"> Ron DeSantis urges for the prohibition of CBDCs </a> </p>
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CBDCs can restrict citizens’ spending, economist warns

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