CoinVoice has recently learned that, according to CryptoSlate, the Missouri State Senate introduced Bill SB 194 on December 1, proposing to prohibit central bank digital currencies (CBDCs) from being used as legal tender in the state. The bill aims to prevent public entities from accepting or using CBDCs and amends the definition of "currency" in the Uniform Commercial Code to exclude these digital currencies.
Senator Brattin initiated SB 194, which outlines several provisions affecting financial policies in Missouri, including a requirement for the state treasurer to hold gold and silver reserves amounting to at least 1% of the state's funds. Additionally, the bill reduces tax obligations on gold and silver, as it "exempts from state income tax the portion of capital gains derived from the sale or exchange of gold and silver that is included in the taxpayer's federal adjusted gross income." Besides focusing on precious metals, the bill explicitly prohibits public entities from participating in any CBDC-related tests or pilot projects conducted by the Federal Reserve or other federal agencies. This stance reflects growing concerns among some state legislators regarding the impact of CBDCs on financial privacy, monetary policy, and state sovereignty. [Original link]