This 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 refers to a medium of exchange authorized by a government, while explicitly stating that it does not include central bank digital currency. Additionally, the bill introduces a new definition for "central bank digital currency," describing it as a digital currency or medium of exchange issued by various governmental entities, including the Federal Reserve and foreign central banks, that is made available directly to consumers.

Furthermore, the definition of "deposit account" is revised to specify that it does not include central bank digital currency, alongside other forms of investment property. These changes aim to modernize the UCC in light of the growing significance of digital currencies in the financial landscape.

Statutes affected:
SB 133: 4-1-201(b), 4-9-102(29)
Act 50: 4-1-201(b), 4-9-102(29)