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Preparing for the government central bank digital currency (CBDC) in NH

Updated: Mar 30, 2023

NH Muckraker podcast episode 30

The proposed updates to the UCC (NH House Bill 584) Current Legislation Search (state.nh.us) would not establish a digital currency, nor require its creation in the future. It would, however, help lay the foundation for a central bank digital currency or other government-mandated digital currency in the future. The bill would have made it easier to use CBDCs in certain kinds of transactions and included absolutely no provisions that would forbid the use of a programmable central bank digital currency as it applies to the commercial code.

The amended UCC includes several provisions dealing with cryptocurrencies and a future central bank digital currency. For example, HB 584 defines "electronic money," even though no such thing has yet to be established by a major global economy. Another section would prevent all or nearly all existing cryptocurrencies and digital currencies from being considered "money" under the UCC, including Bitcoin.



Additional information on CBDCs by Tom Renz;





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Money has already been redefined in existing state statute RSA 382-A:1-201, effective January 1, 2023.

J'aime

Point of clarification:

In the amended house version of HB 584, electronic money is discussed in section 33 NOT 45.

J'aime
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