The state of Missouri is considering bills aimed at preventing the use of Central Bank Digital Currencies (CBDCs), which are not currently implemented in the United States.
Senate Bill 194: CBDC Ban
Republican Senator Rick Brattin pre-filed Senate Bill 194 on December 1. The bill introduces changes to state law prohibiting public entities from accepting CBDC or participating in any testing of it. It also changes the definition of money in the state’s Uniform Commercial Code to exclude CBDCs.
Gold and Silver as Legal Tender
The bill requires the state treasurer to hold at least 1% of state funds in gold and silver. It also exempts the sale or exchange of gold and silver from state capital gains tax and recognizes them as legal tender: “The act declares that gold and silver shall be accepted as legal tender at their spot price plus market premium... in the state of Missouri. Costs incurred in the course of verification of the weight and purity of any gold or silver... shall be borne by the receiving entity.”
Massive Anti-CBDC Measures in the US
The bill's provisions on CBDCs are similar to other initiatives in Missouri aimed at banning CBDC. For example, Senate Bill 1352 proposes several changes to the state’s Uniform Commercial Code and is still under consideration. Such measures against CBDCs are being enacted by an increasing number of U.S. states. Recently, similar laws have been passed in Louisiana and North Carolina. On a federal level, resistance is also rising: the U.S. House of Representatives passed the CBDC Anti-Surveillance State Act.
The advancement of bills against the use of CBDCs indicates growing resistance to this technology at both the state and federal levels in the United States. Gold and silver are gaining additional importance as an alternative legal tender.
