Tennessee Bill Signed Into Law That Specifies “Money” Does NOT Include Central Bank Digital Currency

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The Tennessee Conservative [By Kelly M. Jackson] –

Last week, Governor Lee signed into law a bill that amends Tennessee Code as it relates to Central Bank’s Digital Currency and money in the state.

House Bill 1909 (HB1909), sponsored by Representative Jeff Burkhart (R-Clarksville-District 75) and Senate Bill 2219 (SB2219), sponsored by Senator Bill Powers (R-Clarksville-District 22) states, “Uniform Commercial Code – As enacted, defines “central bank digital currency,” and revises the definitions of “money” and “deposit account,” for purposes of the Uniform Commercial Code. – Amends TCA Title 47.”

According to JDSupra, the new law amends Section 47-1-201(b) of the Tennessee Code by redefining “money” and codifying “central bank digital currency.”

The term “money” was updated to include a new provision that will state that money does not include a central bank digital currency. “Central bank digital currency” will instead be defined as a digital currency issued by a federal reserve, foreign government or foreign reserve system, and will include a digital currency, digital medium of exchange, or digital monetary unit of account processed by the entity.” 

Previously, The Tennessee Conservative reported on bills passed in last year’s general session, that legally redefined what the law currently recognizes as “money” in the state of Tennessee.

It set up the ability of a foreign governmental entity to have the opportunity to produce, house, and exchange a currency that is not currently recognized by banks that are owned and operated here in Tennessee. 

In short, a new, Global Currency.

However, HB1901/SB2219, according to the language in the bill, excluded in the legal definition of “money” are CBDC’s. This adds another layer of protection for Tennesseans, in addition to other bills passed this session that would discourage an official adoption of CBDC’s for use in the same way as actual currency kept in banks. 

Additionally, also passed this session and amended to state explicitly that a national digital currency was not created or endorsed, is SB0479/HB0640.

The Uniform Law Commission is monitoring which states are considering, and passing these bills, and pushing them until they have a presence in all 50 states.

Only 11 states have so far adopted these types of amendments.  Absent from that list are states that we are all familiar with that have led the way in opposing federal government overreach. States like Florida, Texas and South Dakota – where Governor Kristi Noem just last year, vetoed a bill very much like the original version of SB0479/HB0640, before being amended to reflect unequivocally that the law would not create a space for the use or endorsement of a central bank digital currency.

The primary concern for this legislation was that because of such an uncertain future when it comes to this issue of cyber and digital currencies, and the implication therein, Tennessee should not be in any hurry to adopt policies that could result in a substantial power grab by a future centralized government authority. 

Advocacy from grassroots organizations, specifically, Tennessee Stands, urging lawmakers to amend the legislation so there was an unequivocal indication that the state was not furthering an agenda to incorporate CBDC’s as a type of currency for regular use in Tennessee, caused lawmakers to change the language of the bill that has now been signed into law. 

With all these recent additions to our state laws, integrating a centralized bank digital currency in the near future would be that much more difficult to accomplish.

About the Author: Kelly Jackson is an escapee from corporate America, and a California refugee to Tennessee. Christ follower, Wife and Mom of three amazing teenagers, she has a BA in Comm from Point Loma Nazarene University, and has a background in law enforcement and human resources. Since the summer of 2020, she has spent any and all free time in the trenches with local grassroots orgs, including Mom’s for Liberty Williamson County and Tennessee Stands as a core member.  An outspoken advocate for parents rights, medical freedom, and individual liberty, Kelly also has a YouTube channel @Tennessee_Truth_Teller and is planning on expanding out to other channels soon. Kelly can be reached at kelly@tennesseeconservativenews.com.