If enacted, this bill would amend current Arizona statutes to explicitly prohibit federally recognized central bank digital currency (CBDC) from being used as legal tender or as a medium of payment for any contracts, securities, or similar instruments within the state. The bill would introduce new definitions for "legal tender" and "specie," clarifying that legal tender excludes CBDC and that specie refers to coins with precious metal content. Additionally, it would ensure that CBDC is not recognized as money under the Uniform Commercial Code, thereby reinforcing its exclusion from various financial transactions and contracts.

The bill would also make several technical changes to existing statutes, including updates to the definitions of legal tender and specie in multiple sections of the Arizona Revised Statutes. It would replace outdated language regarding legal tender and specie, ensuring consistency across the statutes. Furthermore, the bill would apply these definitions universally within Arizona law, thereby eliminating any ambiguity regarding the status of CBDC in financial dealings and reinforcing the traditional forms of currency recognized in the state.

Statutes affected:
Introduced Version: 6-843, 6-851, 9-1443, 11-1943, 43-1021, 43-1022, 43-1121, 43-1122, 47-1201, 100-86, 6-852, 1-901, 9-1442, 11-1942, 43-1333, 99-514, 43-1084, 43-1081.01, 43-1074.02, 43-1029, 15-1871, 43-1024, 101-336, 43-1014, 43-1082, 43-1023, 15-1628, 15-1451, 43-1025, 43-1027, 111-5, 111-92, 41-1518, 43-1042, 20-1691, 43-1028, 6-101, 43-961, 43-1129, 43-1130, 43-1201, 43-947, 43-1170, 43-1130.01, 43-1175, 43-1178, 43-1183, 43-1184, 43-1124, 43-1181, 43-1165, 43-1123, 43-1127