MADISON, Wis.—A bill filed in the Wisconsin House seeks to “limit the impact” of any central bank digital currency (CBDC), creating “potentially significant roadblocks to its use in the state,” according to a new report.
Rep. Donna Rosar (R) and a coalition of cosponsors introduced have House Bill 725, which would expressly exclude a CBDC from the definition of money in Wisconsin and prohibit state agencies from accepting CBDC as a form of payment, the Tenth Amendment Center said.
According to the report, AB725 defines central bank digital currency as “a digital medium of exchange, or digital monetary unit of account issued, authorized, or adopted by the federal reserve system or a federal agency that is a liability of the federal reserve system and is directly available to the general public.”
A ‘Medium of Exchange’
The Tenth Amendment Center—named for the Tenth Amendment to the Constitution which states that powers not delegated to the United States by the Constitution, nor prohibited by it to the states, are reserved to the states, respectively, or to the people---noted that under the Wisconsin Uniform Commercial Code (UCC), “money” means “a medium of exchange currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more countries.”
AB725 states “the term does not include a central bank digital currency” to that definition.
Similar legislation has already been signed as law in Indiana and Florida.
The Best Way to Start a New Year. With Something Free.
The biggest, best and freshest news reporting in credit unions remains free! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?