The bill amends Minnesota Statutes 2024, section 336.1-201, to include a new definition for "central bank digital currency" and to revise the definition of "money" within the context of the Uniform Commercial Code. The new legal language defines "central bank digital currency" as an electronic currency or medium of exchange issued by the United States Federal Reserve System or other specified entities, which is made directly available to consumers. Additionally, the definition of "money" is updated to specify that it does not include a central bank digital currency, replacing the previous exclusion of electronic records that were mediums of exchange prior to government authorization.

These changes aim to clarify the legal framework surrounding digital currencies and their recognition as forms of money under Minnesota law. By explicitly defining central bank digital currency and revising the definition of money, the bill seeks to address the evolving landscape of digital financial transactions and ensure that the Uniform Commercial Code remains relevant in the face of technological advancements in commerce.

Statutes affected:
Introduction: 336.1