Legislation has been introduced in the American state of South Dakota to amend the Uniform Commercial Code (UCC) to limit the definition of money to exclude cryptocurrencies. Central bank digital currencies (CBDC) would still be considered money under the proposed new definition.\u00a0<\/p>\n
The 117-page amendment, introduced into the state house of representatives by Republican Mike Stevens, defines \u201cmoney\u201d as \u201ca medium of exchange that is currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more countries.\u201d The bill continued:<\/p>\n
\u201cThe term does not include an electronic record that is a medium of exchange recorded and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by the government.\u201d<\/p><\/blockquote>\n
Notably, CBDC falls within the proposed definition of money, unlike cryptocurrency. It received a sharp reaction from head of the conservative State Freedom Caucasus Network Andy Roth. <\/p>\n
Related: United States CBDC would \u2018crowd out\u2019 crypto ecosystem: Ex-Biden adviser<\/em><\/strong><\/p>\nThe South Dakota bill contrasts with the \u201cCBDC Anti-Surveillance State Act\u201d recently introduced into the U.S. House of Representatives by Minnesota Republican Tom Emmer, who is considered a proponent of cryptocurrency. <\/p>\n
The UCC introduced the concept of \u201ccontrollable electronic records\u201d in amendments approved in July meant to regulate digital assets at the state level. The new articles of the UCC also treat cryptocurrencies and CBDC separately. The United States does not have a CBDC, although a \u201cdigital dollar\u201d is the subject of research within the U.S. government and other groups, such as the Digital Dollar Project.<\/p>\n
Juliette Moringiello, a member of the U.S. Uniform Law Commission and American Law Institute joint committee finalized the changes to the UCC, told Cointelegraph before their completion that changes to the UCC \u201ccreate giant choice-of-law problems, and if any company or any person with crypto ends up in bankruptcy, a bankruptcy court wouldn\u2019t know what law to apply.\u201d<\/p>\n
The proposed law would go into effect on July 1, 2024, if passed.<\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Legislation has been introduced in the American<\/p>\n","protected":false},"author":3,"featured_media":171721,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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