This bill amends Minnesota Statutes 2024, section 336.1-201, to introduce a definition for "central bank digital currency" and revise the existing definition of "money" within the context of the Uniform Commercial Code. The new definition of "central bank digital currency" describes it 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 bill modifies the definition of "money" to explicitly exclude central bank digital currency, stating that it does not include this form of currency. The previous language that excluded electronic records of mediums of exchange that existed before government authorization has been removed. This legislative change aims to clarify the legal status of central bank digital currencies in relation to traditional forms of money under the Uniform Commercial Code.

Statutes affected:
Introduction: 336.1