AB231 is your first foray into digital currency and the digital dollar and is a complete disaster in the making.
This means any digital currency existing before any federally declared digital currency will not have monetary status for any transactional purposes, and will give automatic supremacy to the CBDC. The Federal Reserve is currently testing a CBDC called Project Cedar and the NY Fed has already launched their effort to Design Wholesale CBDC which will investigate CBDC design choices and technical features.
Project Cedar is a multiphase research effort to develop a technical framework for a theoretical wholesale central bank digital currency (wCBDC) in the Federal Reserve context through exploration of fundamental design choices and modular technical features. This is a Uniform Act up before many state legislatures right now, and one which was wisely vetoed in South Dakota by Governor Kristi Noem.
On the surface, AB231 is a boring a amendment to the Uniform Commercial Code (UCC), but Sec. 25 seeks to amend NRS 104.1201(2)(y)’s definition of money to pave the way for government / Central Bank Digital Currency (CBDC). As mentioned, this is extremely bad, as CBDCs are nothing more than a tracking and control mechanism using blockchain to control where and when people can use money, and allowing it to be tracked everywhere.
Here is the proposed definition:
“Money” means a medium of exchange that is currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more countries. The term does not include an electronic record that is a medium of exchange recorded and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by the government.
The problem is the bill is not only is this a very bad bill, but it shockingly doesn’t seem to be on anyone’s tracking system (see the tracking site for the NV Legislative Counsel Bureau). Not even NPRI has it tracked. Regardless, this bill needs to be opposed strongly.
It has already been in a committee and is in the pipeline, but it’s not being addressed in any of the GOP/conservative sites or trackers. And without discussion of what the bill REALLY signifies, nobody’s reading it to realize the problem. Shout the alarms on this! Today! NOW!