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On Monday, an Oklahoma House committee unanimously passed a bill that would expressly exclude a central bank digital currency (CBDC) from the definition of money in the state, creating potentially significant roadblocks to its use as such in the state.
Find out how the Reserve Bank of India (RBI) is planning to introduce offline e-rupee transactions and what it means for users. Learn about the new features and benefits of the Central bank digital currency (CBDC) pilot project.
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.
The RBI proposes to introduce programmability and offline functionality in the CBDC pilot to enable additional use cases and transactions in areas with poor internet connectivity
The legislation would prohibit state agencies from accepting payments made with a central bank digital currency for any service, tax, license, permit, fee, information, or other amount due the governmental body. It would also bar government agencies from requiring payments to be made with a central bank digital currency.