Economist Paul Krugman questioned why Republican Florida governor Ron DeSantis opposes a central bank digital currency (CBDC) in a recent opinion editorial.

Krugman suggested that DeSantis may be motivated by “general paranoia.” He speculated that DeSantis may be influenced by individuals who fear a digital currency could hinder “un-woke activities such as tax evasion and money laundering.”

Krugman observed that some people do not have bank accounts or trust banks, and he finds it “bizarre” that people still use so much paper cash. He speculated that the “vast hoard of Benjamins out there is held by people who want to avoid banks’ reporting requirements in order to hide activities like tax evasion, illegal purchases of drugs and weapons, extortion and so on.”