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On 12 May 2023, the Central Bank Digital Currency Bill (SB 7054) was signed by the Governor of Florida. The bill defines the term “central bank digital currency” (CBDC) and revises the definition of the term “money”. The bill will effectively prohibit the use of a federally adopted CBDC by excluding it from the definition of money within Florida’s Uniform Commercial Code, the state’s governing law for commercial transactions. The bill will enter into force on 1 July 2023.
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