SB 194 is a bill introduced on Dec. 1 by the Missouri Senate to prohibit central bank digital currencies from being legal tender. The bill attempts to ban public entities accepting or using CBDCs. It also modifies the definition. “money”The Uniform Commercial Code excludes these digital currencies.
Sponsored by Senator Brattin, SB 194 outlines several provisions affecting Missouri’s financial policies, including the requirement for the State Treasurer to hold gold and silver reserves equal to at least 1% of all state funds. It also lowers the tax on gold and silver.
“exempts from state income tax the portion of capital gain on the sale or exchange of gold and silver that are otherwise included in the taxpayer’s federal adjusted gross income.”
This bill does not only address precious metals but also explicitly forbids any public entity from participating in the Federal Reserve’s or other federal agency’s tests and pilot programs relating to CBDCs. The bill reflects the growing concern among state legislators regarding CBDCs’ impact on state sovereignty, financial privacy and monetary policy.
The modification of the Uniform Commercial Code’s definition of “money”It is notable that CBDCs are excluded from this law. This could have large implications on commercial transactions and contracts as well as financial instruments in Missouri.
Earlier in 2024, Missouri’s legislature considered related measures regarding digital currencies. House Bill 2780 was introduced in February and sought to prohibit public entities from using or accepting CBDCs. It passed in the House with substantial support in April. Senate reviewed SB 1352 and other companion bills, showing a continued focus by the legislature on state-level regulation of digital currencies.
Missouri’s legislative actions occur amid broader national and global discussions on the adoption and regulation of CBDCs. CBDCs are viewed by some as the next evolution of digital payment systems that can enhance financial inclusion and efficiency. However, other people express concern over privacy, centralized controls, and their impacts on traditional banks.
SB 194 places Missouri among the states that actively examines the role government issued digital currency in their economies.
Posted In: US, CBDCs, Featured, Legal, Regulation The Author 
Liam ‘Akiba’ Wright
Also known by “Akiba,” Liam Wright works as a reporter at CryptoSlate, produces podcasts, and is the editor-in-chief. He thinks that technology decentralized has the ability to create positive and widespread change.
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