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The US Senate has introduced multiple bills opposing the definition of "currency" for CBDCs

The US Senate has introduced multiple bills opposing the definition of "currency" for CBDCs

2024/01/17 08:45

Cointelegraph reported that the states of Utah, South Carolina, South Dakota, and Tennessee have submitted bills opposing the classification of central bank digital currency (CBDC) as legal tender. The bills submitted by different states will explicitly exclude CBDC from their definition of currency, potentially creating significant obstacles to its use in those states.

Senator Frank Niceley introduced the bill in the Tennessee Senate on January 12th. According to the Uniform Commercial Code (UCC) of Tennessee, "currency" is an authorized medium of exchange. However, the proposed bill would add the phrase "excluding any central bank digital currency" to this definition.

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