SB 2392 - Prohibit Central Bank Digital Currency

Senate Bill 2392

Prohibiting central bank digital currency

Relating to the definition of deposit account:

Deposit account means a demand, time, savings, passbook, or similar account
maintained with a bank. The term does not include investment property, a United States central
bank digital currency, or an account evidenced by a certificate of deposit or an
instrument.
If implemented by the federal government, a central bank digital currency would be considered a deposit account. Amending the definition of a deposit account to exclude a CBDC would eliminate its use and application in North Dakota.
Even though state lawmakers are limited in what they can do to stop a federally implemented central bank digital currency, they do have a say in how it will be incorporated into UCC Article 9 Secure Transactions within North Dakota.

Read the bill.

Central banks around the world, including our own Federal and Treasury Reserve, have begun exploring the idea of issuing their own digital currencies. If implemented, Central Bank Digital Currencies (CBDC) would lead to unprecedented government power over your money. Because CBDC’s are programmable and traceable, the federal government would have the power to decide when, where, and how you spend your money.

Currently, legislation is being introduced across the country that will better facilitate the implementation of CBDC. This bill also excludes Bitcoin and other cryptocurrencies from the definition of money in order to eliminate any competition against CDBC.
CBDC’s are entirely under bureaucratic control because every digital dollar has a unique fingerprint. Every single transaction can be surveilled, recorded, or even reversed by a bureaucrat’s push of a button. Not only can the government tell how much you’re spending or saving, but what you’re spending those dollars on and where you’re investing your savings.
CBDC’s can be earmarked for certain purchases and forbidden from others. For instance, the government could easily dictate which dollars of your income go to buying food or which dollars you can use to heat or cool your home.
CBDC’s can effectively force spending and prevent saving by imposing maximum savings levels and preventing "hoarding" by confiscating unspent digital dollars.

SB 2392 was signed into law on April 21st, 2023.