SB 1144
Initials JH Page 1 House Engrossed
ARIZONA HOUSE OF REPRESENTATIVES
Fifty-sixth Legislature
First Regular Session
Senate: ELEC DP 5-3-0-0 | 3
rd
Read: 16-13-1-0
House: MOE DPA/SE 6-3-1-0
SB 1144: electronic ballot adjudication; prohibition
S/E: central bank digital currency; prohibition
Sponsor: Senator Hoffman, LD 15
House Engrossed
Overview
Prohibits the use of central bank digital currency (CBDC) involving any contract, security or similar
interest in this state, including commercial contracts.
History
CBDC is a digital form of central bank money that is widely available to the general public. Central
bank money refers to money that is a liability of the central bank. In the United States, there are
currently two types of central bank money: 1) physical currency issued by the Federal Reserve;
and 2) digital balances held by commercial banks at the Federal Reserve (Federal Reserve).
Provisions
1. States CBDC may not be the subject or medium of payment of any contract, security or other
similar instrument in this state, including contracts relating to commercial transactions. (Sec.
1)
2. Specifies that disbursements made by escrow agents may not be settled or backed by CBDC.
(Sec. 3)
3. Alters the definition of money to specify that the term does not include CBDC. (Sec. 10)
4. Defines legal tender and specie. (Sec. 1)
5. Makes technical and conforming changes. (Sec. 2, 3, 4, 5, 6, 7, 8, 9, 10)
☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note