Both Florida and Indiana have recently passed laws banning the use of a central bank digital currency (CBDC) as money in those states.
These laws explicitly exclude a CBDC from the definition of money in Florida and Indiana, effectively banning its use as such in these states.
The Florida law defines central bank digital currency as a “digital medium of exchange, or digital monetary unit of account issued by the United States Federal Reserve System, a federal agency, a foreign government, a foreign central bank, or a foreign reserve system that is made directly available to a consumer by such entities” and that is “processed or validated directly by such entities.”
In the law, central bank digital currency is specifically excluded from the definition of money under the Florida Uniform Commercial Code (UCC) which regulates commerce in the state.
The provisions in the new Indiana law are similar, but the bill took a very different path to enactment.
