NASHVILLE—More legislation opposing a central bank digital currency (CBDC) is being introduced in states.
As CUToday.info reported here, one such bill was recently introduced in South Carolina, with supporters calling a CBDC a threat to “liberty.”
But the Palmetto State isn’t alone. Bills opposing any central bank digital currency have also been filed in Utah, South Dakota, and Tennessee. The bills would exclude a CBDC from the definition of money and could create significant roadblocks to a CBDC in the United States, Cointelegraph reported.
Bill in Volunteer State
State Sen. Frank Niceley introduced a bill to the Tennessee Senate that notes according to the Tennessee Uniform Commercial Code (UCC), money is an authorized medium of exchange. However, his proposed bill would add the term “does not include any central bank digital currency” to that definition, Cointelegraph reported.
Bill in Beehive State
In the Utah House of Representatives, Rep. Tyler Clancy introduced House Bill 164, which describes central bank digital currency as a digital form of money issued by government entities like the U.S. Federal Reserve, foreign governments, central banks or reserve systems, directly accessible or verified by these entities, according to the report.
The proposed Utah CBDC bill would specify that “a central bank digital currency is not specie legal tender and is not legal tender in the state,” effectively excluding CBDC from the state’s definition of money under the Utah Specie Legal Tender Act and the state’s UCC, Cointelegraph said.
Bill in Mount Rushmore State
In South Dakota, the Department of Labor and Regulation requested the chair of the Senate Committee on Commerce and Energy introduce Senate Bill 58. The legislation adds that money “does not include any central bank digital currency” to its definition in the state’s UCC.
Similar legislation has already been signed as law in Florida, where the legislation also banned using CBDCs issued by foreign governments and called on other states to use their commercial codes to institute similar prohibitions.
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