Bill > HB557

This bill prohibits all governmental entities in Mississippi from using a central bank digital currency (CBDC) for any financial transactions or functions. The bill defines a "governmental entity" broadly to include any state agency, department, institution, political subdivision, or any entity receiving state funding. A "central bank digital currency" is defined as a digital currency or digital monetary unit issued by the Federal Reserve, a federal agency, a foreign government, or a foreign central bank, which can be directly accessed by consumers. Additionally, the bill amends the state's Uniform Commercial Code to explicitly state that a CBDC does not qualify as "money" under state law. The legislation aims to prevent governmental adoption of digital currencies issued by central banks, reflecting concerns about potential privacy, sovereignty, or technological risks associated with CBDCs. The bill is set to take effect on July 1, 2025, giving state entities ample time to prepare for the prohibition.

Business and Industry

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0557.xml