HB408 Alabama 2023 Session

Summary

Primary Sponsor

Ben Harrison Representative

Republican

Session

Regular Session 2023

Title

Relating to the Uniform Commercial Code; to amend Section 7-1-201, to provide a definition for "central bank digital currency;" and to specify that the definition of "money" does not include central bank digital currency.

Description

Under existing law, the Uniform Commercial Code defines "money" as a medium of exchange currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or agreement between two or more countries.

This bill would provide that the term "money" does not include a central bank digital currency, as defined therein.

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Subjects

Uniform Commercial Code, provided that the term "money" does not include a central bank digital currency