Wisconsin 2023-2024 Regular Session

Wisconsin Assembly Bill AB725 Compare Versions

Only one version of the bill is available at this time.

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3	3	2023 - 2024 LEGISLATURE
4	4	2023 ASSEMBLY BILL 725
5	5	December 6, 2023 - Introduced by Representatives ROZAR, BODDEN, O'CONNOR,
6	6	ALLEN, ARMSTRONG, BEHNKE, BINSFELD, BROOKS, GOEBEN, MURPHY, PENTERMAN,
7	7	RETTINGER, SCHMIDT and BRANDTJEN, cosponsored by Senators TOMCZYK, NASS
8	8	and BALLWEG. Referred to Committee on Financial Institutions.
9	9	*AUTHORS SUBJECT TO CHANGE*
10	10	AN ACT to amend 20.905 (1), 138.01 and 401.201 (2) (m); and to create 401.201
11	11	(2) (es) of the statutes; relating to: central bank digital currency.
12	12	Analysis by the Legislative Reference Bureau
13	13	This bill prohibits the state from accepting payment in the form of central bank
14	14	digital currency (CBDC). The bill defines CBDC as a digital currency issued,
15	15	authorized, or adopted by the Federal Reserve System or a federal agency that is a
16	16	liability of the Federal Reserve System and is directly available to the general public.
17	17	The bill also specifies that a CBDC is not money for purposes of the state's Uniform
18	18	Commercial Code and is not money of account of the state.
19	19	The people of the state of Wisconsin, represented in senate and assembly, do
20	20	enact as follows:
21	21	SECTION 1. 20.905 (1) of the statutes is amended to read:
22	22	20.905 (1) MANNER OF PAYMENT. Payments to the state may be made in legal
23	23	tender, postal money order, express money order, bank draft, or certified check, but
24	24	may not be made in central bank digital currency, as defined in s. 401.201 (2) (es).
25	25	Payments to the state may also be made by personal check or individual check drawn
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34	34	SECTION 1 ASSEMBLY BILL 725
35	35	in the ordinary course of business unless otherwise required by individual state
36	36	agencies. Payments to the state made by a debit or credit card approved by the
37	37	secretary of administration or his or her designee may be accepted by state agencies.
38	38	Prior to authorizing the use of a card, the secretary of administration or his or her
39	39	designee shall determine how any charges associated with the use of the card shall
40	40	be paid, unless the method of payment of such charges is specified by law. Unless
41	41	otherwise specifically prohibited by law, payments to the state may be made by
42	42	electronic funds transfer.
43	43	SECTION 2. 138.01 of the statutes is amended to read:
44	44	138.01 Money. The money of account of this state shall be the dollar, cent and
45	45	mill; and all accounts in public offices, and other public accounts, and, except as
46	46	provided in ss. 806.30 to 806.44, all proceedings in courts shall be kept and had in
47	47	conformity to this regulation. Central bank digital currency, as defined in s. 401.201
48	48	(2) (es), regardless of how denominated, is not money of account of this state.
49	49	SECTION 3. 401.201 (2) (es) of the statutes is created to read:
50	50	401.201 (2) (es) “Central bank digital currency” means a digital currency,
51	51	digital medium of exchange, or digital monetary unit of account issued, authorized,
52	52	or adopted by the federal reserve system or a federal agency that is a liability of the
53	53	federal reserve system and is directly available to the general public.
54	54	SECTION 4. 401.201 (2) (m) of the statutes is amended to read:
55	55	401.201 (2) (m) “Money" means a medium of exchange that is currently
56	56	authorized or adopted by a domestic or foreign government. The term includes a
57	57	monetary unit of account established by an intergovernmental organization or by
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81	81	LRB-3958/1
82	82	ARG:cjs
83	83	SECTION 4
84	84	ASSEMBLY BILL 725
85	85	agreement between 2 or more countries. The term does not include a central bank
86	86	digital currency.
87	87	(END)
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