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Senate committee approves bill urging federal ban and barring state agencies from using central bank digital currency
Summary
The Committee of the Whole reported House Bill 264 (Central Bank Digital Currencies Prohibitions) favorably after adopting a standing committee amendment that removed legislative findings; the bill prohibits state agencies from accepting payment in a CBDC, directs the state to urge Congress to ban federal CBDC, and clarifies enforcement language.
House Bill 264, described on the Senate floor as a prohibition on state agencies accepting or requiring payment in central bank digital currencies (CBDC), was reported favorably by the Committee of the Whole after the adoption of a standing committee amendment that removed certain legislative findings.
Senator Hyde explained House Bill 264 as a bill that would prohibit state agencies from accepting a CBDC as payment or using public funds in relation to a CBDC. The bill also contains a formal legislative…
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