by Mike Maharrey, Gold Seek:
The Utah legislature overwhelmingly approved a bill that would expressly exclude a central bank digital currency (CBDC) from the state’s definition of money, creating potentially significant roadblocks to its use as such in the state.
Rep. Tyler Clancy was the primary sponsor of HB164. Sen. Michael Kennedy ran the bill on the Senate side.
The proposed law would specify that “a central bank digital currency is not specie legal tender and is not legal tender in the state,” effectively excluding CBDC from the state’s definition of money under the Utah Specie Legal Tender Act.