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  • 2023, Financial

Redefines "money" and paves the way for digital currency (CBDC).

HB 316 / SB 268

Bill Description

Financial Institutions, Dept. of – As enacted, enacts the “Money Transmission Modernization Act.”
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Bill Sponsors

Bill Co-Sponsors

House: Cochran, Bricken

Senate: None

TLRC Statement on Bill

This is model legislation proposed by the Conference of State Bank Supervisors (CSBS) out of Washington DC and is being pushed for adoption by all 50 states.

The bill adds a legal definition for the term “money” which includes the following:

“Includes a monetary unit of account established by an intergovernmental organization or by agreement between two (2) or more governments;”

We believe that redefining money in this manner not only sets the table for a regulatory scheme for forms of decentralized currency like cryptocurrency but also paves the way for Central Bank Digital Currency (CBDC) and BRICS.

Vote Result:

Passed

TLRC Position:

OPPOSE
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