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