The bills could create significant roadblocks to a CBDC in the United States.
Bills against referring to central bank digital currency (CBDC) as money have been filed in the states of Utah, South Carolina, 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.
State Senator Frank Niceley introduced a bill to the Tennessee Senate on Jan. 12. According to the Tennessee Uniform Commercial Code (UCC), money is an authorized medium of exchange. However, he proposed bill would add the term “does not include any central bank digital currency” to that definition.
The UCC is a comprehensive set of standardized laws governing commercial transactions within the United States. It provides a consistent framework for business dealings and transactions across different states.
