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Over the past two years, several U.S. states have taken action to try to block the implementation of a U.S. central bank digital currency (CBDC).
Indiana is the first state to pass legislation related to central bank digital currency. The law, enacted in 2023, explicitly excludes U.S. central bank digital currencies from the definition of currency under the state’s Uniform Commercial Code. The law modifies the definition of currency to clarify that “the term currency does not include a central bank digital currency currently adopted or that may be adopted by the United States government, a foreign government, a foreign exchange reserve, or a foreign sanctioned central bank.”
Florida enacted a similar law last year, and South Dakota, Tennessee and Utah have followed suit this year. A Nebraska bill to repeal capital gains taxes on gold and silver also changes the definition of currency in state tax law to exclude U.S. central bank digital currencies.
This year, Indiana took a second step in hindering the implementation of a U.S. central bank digital currency, enacting a measure prohibiting state agencies from accepting payment in central bank digital currency for any services, taxes, licenses, permits, fees, information or Other amounts due to government agencies. Indiana also prohibits government agencies from requiring payments using the central bank’s digital currency.
Additionally, under the law, state government agencies with central bank digital currencies are prohibited from advocating or supporting the U.S. government’s testing, adoption, or implementation of central bank digital currencies.
Alabama, North Dakota and Georgia have passed similar laws.
