The bill amends the Uniform Commercial Code (UCC) to include a definition for "central bank digital currency" and modifies existing definitions of "money" and "deposit account." Specifically, the definition of "money" is updated to clarify that it is a medium of exchange authorized by a government, and it explicitly states that "money" does not include central bank digital currency. Additionally, a new definition for "central bank digital currency" is introduced, describing it as a digital currency or medium of exchange issued by entities such as the Federal Reserve or foreign central banks, which is made directly available to consumers.

Furthermore, the definition of "deposit account" is revised to specify that it does not include central bank digital currency, alongside other types of investment property and accounts evidenced by an instrument. These changes aim to modernize the UCC in light of the evolving financial landscape, particularly with the rise of digital currencies.

Statutes affected:
Old version SB47 Original - 1-13-2025 01:17 PM: 4-1-201(b), 4-9-102(29)
Old version SB47 V2 - 1-27-2025 10:27 AM: 4-1-201(b), 01-27-2025, 4-9-102(29), 23-45-102(17)
SB 47: 4-1-201(b), 4-9-102(29)