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Francis Suarez Bows Out: Exploring the Exit of the Bitcoin-Positive, CBDC-Critical Presidential Contender

Police & Regulations
Aug 30, 2023 at 01:42 pm

Francis Suarez, the Bitcoin-friendly Mayor of Miami, made waves by announcing his intention to accept bitcoin donations during his presidential campaign and vocalizing his opposition to central bank digital currencies (CBDCs) if he were to secure the presidency.

In a recent social media post on platform X (formerly known as Twitter), Suarez revealed his decision to withdraw from the presidential race. Despite this course change, he asserted his continued dedication to improving the nation for every citizen. He expressed, "While I have decided to suspend my campaign for President, my commitment to making this a better nation for every American remains," in a tweet shared on a Tuesday.

Notably critical of the Biden administration's approach to cryptocurrency matters, Suarez had emphasized the acceptance of bitcoin as a campaign donation. He heralded this move as part of a broader effort to advance technologies that empower widespread wealth generation. In addition, he publicly vowed to prohibit the implementation of a central bank digital currency (CBDC), citing concerns over privacy implications.

Suarez, once an aspirant for the presidential title, had actively explored crypto-related innovations across various domains. Among these ventures was his personal experiment of receiving his salary in bitcoin. Furthermore, he introduced MiamiCoin (MIA) in 2021 with the ambitious vision of eventually employing the token to provide recurring bitcoin-based stimulus payments to the city's residents, akin to dividends disbursed to shareholders. However, the project faced challenges in gaining traction and even encountered trading suspensions on certain crypto exchanges due to insufficient liquidity.

Although hailing from the Republican party, Suarez entered the presidential race in June, joining a competitive field vying for the GOP nomination. This group includes prominent figures like former President Donald Trump and Florida Governor Ron DeSantis. Despite his decision to step back from the presidential arena, Suarez expressed his intention to support fellow Republican candidates in their pursuit of a formidable nominee.

In his parting words, Suarez shared his anticipation for continued engagement with other Republican contenders, aiming to contribute to the selection of a strong nominee. He emphasized the significance of inspiring unity, fostering trust in institutions, and ultimately achieving victory, saying, "I look forward to keeping in touch with the other Republican presidential candidates and doing what I can to make sure our party puts forward a strong nominee who can inspire and unify the country, renew Americans’ trust in our institutions and in each other, and win."

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