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Committee adopts amendment to harmonize 'deposit account' definition amid central bank digital currency discussion
Summary
Senate Bill 47 was amended to ensure a consistent definition of 'deposit account' across Arkansas code; sponsors framed the change as a 'speed bump' to address potential future central bank digital currency concerns.
The Senate Insurance & Commerce Committee adopted an amendment to Senate Bill 47 to align definitions of "deposit account" across the Arkansas Code, a change sponsors described as a preemptive measure related to central bank digital currency (CBDC) concerns.
Senator Boyd presented the amendment and explained it was intended to ensure consistency where the code contained two different definitions of deposit account. "It was pointed out to me after I filed the bill that, there is there were 2 places in Arkansas code where we had a…
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