Bill > HF3253

This bill amends the Uniform Commercial Code's definition of "money" and introduces a new definition for "central bank digital currency" (CBDC) in Minnesota state law. Specifically, the bill modifies the existing definition of money to explicitly exclude central bank digital currencies, while simultaneously creating a comprehensive definition for CBDCs. The new definition describes a CBDC as an electronic currency, electronic medium of exchange, or electronic monetary unit of account issued by entities like the U.S. Federal Reserve, federal agencies, foreign governments, or foreign central banks, which can be made directly available to consumers or processed/validated directly by the issuing entity. This change provides legal clarity about the status of digital currencies issued by central banks, distinguishing them from traditional forms of money and establishing a formal legal framework for understanding and potentially regulating these emerging financial technologies. The amendment reflects the growing importance of digital currencies and the need for precise legal definitions in the evolving financial landscape.

Business and Industry

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF3253&ssn=0&y=2025