The proposed bill would amend current Arizona statutes to prohibit the use of federally recognized central bank digital currency (CBDC) as legal tender and as a medium of payment for contracts, securities, or similar instruments within the state. Specifically, it would insert definitions for "legal tender" and "specie," clarifying that legal tender excludes CBDC and includes only those mediums authorized by the U.S. Constitution or Congress. Additionally, the bill would ensure that CBDC cannot be used in any commercial transactions or contracts, and it would apply these definitions across all relevant Arizona Revised Statutes.

Furthermore, the bill would make several technical changes, including the deletion of outdated definitions related to legal tender and specie, and it would update references to align with the new definitions. The bill aims to reinforce the legal framework surrounding currency in Arizona by explicitly excluding CBDC from being recognized as money under the Uniform Commercial Code, thereby maintaining the traditional forms of currency as the only legal means of payment 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
Senate Engrossed 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