U.S. Lawmakers Introduce Bills Across Four States to Block CBDC Definitions as Legal Tender

Lawmakers in South Carolina, South Dakota, Tennessee, and Utah have proposed bills aimed at preventing the designation of a Central Bank Digital Currency (CBDC) as legal tender. Representative Tyler Clancy introduced a bill in the Utah Senate on January 4, seeking to exclude CBDC from the definition of legal tender within the state. A similar bill was introduced in South Dakota on January 9, explicitly stating that money does not encompass any central bank digital currency. Joining the trend, Tennessee introduced a bill on January 12, stating that the definition of money in the state does not extend to central bank digital currencies. The bills reflect ongoing debates between CBDCs and private cryptocurrencies, with proponents of Bitcoin expressing concerns over potential government control and surveillance associated with CBDC adoption. Last year, Florida Governor Ron DeSantis signed a law preventing the use of CBDCs in the state, emphasizing protection against government overreach and corporate monitoring. (Source: Crypronews)