The resistance to the digital dollar is creating a bond between the western and southern regions of the United States.

The resistance to the digital dollar is creating a bond between the western and southern regions of the United States.

By Web3News | section_news | 19 Jan 2024


In the United States, various jurisdictions are taking steps to resist the implementation of central bank digital currencies (CBDCs) and their potential classification as money under the standardized trade laws in the country, known as the UCC (Uniform Commercial Code). This comprehensive set of laws provides a coherent framework for commercial transactions between states and defines the concept of money.

 

                                                                                                 

In states such as Utah, Tennessee, South Carolina, and South Dakota, bills are being introduced to amend the provisions of the UCC and specifically exclude CBDCs from the definition of money. For example, in Utah, the House of Representatives proposed Bill 164, defining CBDCs as digital forms of money issued by government entities but not recognizing them as legal tender.

Similar proposals are being made in Tennessee, where State Senator Frank Niceley seeks to make it clear that no CBDC is considered money under the UCC. South Carolina, through Senate Bill 861 introduced by State Senator Shane Martin, and South Dakota, with Senate Bill 58, also aim to amend the UCC to exclude CBDCs from the definition of money.

It is noteworthy that South Dakota Governor Kristi Noem previously vetoed a bill that sought to amend the UCC to exclude cryptocurrencies. Noem, like other governors, expresses opposition to the Federal Reserve's project to launch a digital dollar, arguing that it poses a threat to privacy and serves as an instrument of social control. Prominent politicians, such as Robert F. Kennedy Junior and Florida Governor Ron DeSantis, also oppose the digital dollar and have taken measures to prohibit its use in their respective jurisdictions.

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