Senate Bill 1764 amends the Tennessee Code Annotated to clarify the definition of "money" and introduce the concept of "central bank digital currency." The bill deletes the previous definition of "money" and replaces it with a new definition that specifies it as a medium of exchange authorized by a government or an intergovernmental organization, explicitly excluding central bank digital currency. Additionally, the bill introduces a new definition for "central bank digital currency," describing it as a digital currency issued by federal or foreign entities that is directly available to consumers and processed by those entities.

The changes outlined in this bill aim to provide clearer legal definitions regarding digital currencies and their classifications within Tennessee law. The act is set to take effect on July 1, 2024, ensuring that the state’s legal framework is updated to reflect the evolving landscape of digital currency.

Statutes affected:
Introduced: 47-1-201(b), 47-1-201