The proposed 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 contracts, securities, or similar instruments within the state. It introduces a new chapter in the Arizona Revised Statutes, defining "legal tender" to exclude CBDC and clarifying that "specie" refers to coins with precious metal content. Additionally, the bill specifies that transfers related to contracts cannot be settled with CBDC, ensuring that all commercial transactions remain unaffected by this form of digital currency.

Furthermore, the bill makes technical adjustments to existing definitions of "legal tender" and "specie" to align with the new provisions, while also updating references to ensure consistency across various sections of the law. It retains the current definitions of money but explicitly states that CBDC does not qualify as money under Arizona law. Overall, the bill aims to safeguard the state's financial transactions from the implications of CBDC, reinforcing traditional forms of currency as the only recognized means of payment.

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