| 3 | 3 | | By: Representatives Barrett of the 24 |
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| 4 | 4 | | th |
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| 5 | 5 | | , Williams of the 148 |
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| 6 | 6 | | th |
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| 7 | 7 | | , Persinger of the 119 |
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| 8 | 8 | | th |
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| 9 | 9 | | , Clark |
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| 10 | 10 | | of the 100 |
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| 11 | 11 | | th |
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| 12 | 12 | | , Kelley of the 16 |
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| 13 | 13 | | th |
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| 14 | 14 | | , and others |
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| 15 | 15 | | A BILL TO BE ENTITLED |
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| 16 | 16 | | AN ACT |
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| 17 | 17 | | To amend Title 50 of the Official Code of Georgia Annotated, relating to state government, |
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| 18 | 18 | | 1 |
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| 19 | 19 | | so as to prohibit governmental agencies from using central bank digital currency as payment2 |
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| 20 | 20 | | and from participating in testing the use of such currency; to provide for definitions; to3 |
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| 21 | 21 | | provide for legislative findings; to provide for related matters; to repeal conflicting laws; and4 |
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| 22 | 22 | | for other purposes.5 |
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| 23 | 23 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 |
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| 24 | 24 | | SECTION 1.7 |
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| 25 | 25 | | The General Assembly finds that:8 |
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| 26 | 26 | | (1) The potential adoption of a central bank digital currency ("CBDC") by the federal9 |
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| 27 | 27 | | government raises significant privacy and security concerns for individuals and businesses10 |
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| 28 | 28 | | in Georgia;11 |
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| 29 | 29 | | (2) A CBDC would be an unacceptable expansion of federal authority by giving the12 |
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| 30 | 30 | | federal government unprecedented control of the lives, freedoms, choices, and sovereignty13 |
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| 31 | 31 | | of the people of Georgia; 14 |
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| 32 | 32 | | (3) A CBDC could disrupt the existing financial system and diminish the role of15 |
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| 33 | 33 | | community banks and credit unions; and16 |
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| 34 | 34 | | H. B. 1053 |
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| 36 | 36 | | (4) It is vital for the State of Georgia to promote economic freedom and privacy, protect |
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| 37 | 37 | | 17 |
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| 38 | 38 | | the finances of individuals and businesses in Georgia, and preserve the role of private18 |
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| 39 | 39 | | commercial banks.19 |
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| 40 | 40 | | SECTION 2.20 |
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| 41 | 41 | | Title 50 of the Official Code of Georgia Annotated, relating to state government, is amended21 |
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| 42 | 42 | | by adding a new Code section to read as follows:22 |
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| 43 | 43 | | "50-1-12. |
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| 44 | 44 | | 23 |
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| 45 | 45 | | (a) As used in this Code section, the term:24 |
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| 46 | 46 | | (1) 'Central bank digital currency' means a digital currency, a digital medium of25 |
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| 47 | 47 | | exchange, or a digital monetary unit of account issued by the Federal Reserve System,26 |
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| 48 | 48 | | a federal reserve bank, a federal agency, a foreign government, a foreign central bank, or27 |
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| 49 | 49 | | a foreign reserve system:28 |
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| 50 | 50 | | (A) That is made directly available to a consumer by such entities;29 |
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| 51 | 51 | | (B) That is made available to a consumer by such entities indirectly via a contract with30 |
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| 52 | 52 | | a third party or otherwise; or31 |
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| 53 | 53 | | (C) That is processed or validated directly by such entities.32 |
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| 54 | 54 | | (2) 'Governmental agency' means any board, commission, department, authority, other33 |
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| 55 | 55 | | agency, or political subdivision of the state.34 |
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| 56 | 56 | | (b) No governmental agency shall accept a payment using central bank digital currency.35 |
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| 57 | 57 | | (c) No governmental agency shall participate in any test of central bank digital currency."36 |
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| 58 | 58 | | SECTION 3.37 |
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| 59 | 59 | | All laws and parts of laws in conflict with this Act are repealed.38 |
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| 60 | 60 | | H. B. 1053 |
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| 61 | 61 | | - 2 - |
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