United States of America: Introduced Bill to Exclude Central Bank Digital Currency from Definition of Money (HB 164)

On 4 January 2024, HB 164 was introduced to the Utah State Legislature, proposing modifications to the Uniform Commercial Code. The bill seeks to redefine the term "money" to exclude any central bank digital currency and sets forth that digital currencies are not considered legal tenders in the State of Utah. This proposed change would impact digital payment providers, including those dealing with cryptocurrencies, by altering the legal definition of the medium of exchange they operate with.