UTA LEG Digital Currency Specie

On Feb. 9, UTA LEG passed bill regarding digital currency modification.

  • UTA LEG passed State House legislation, bill HB 164, Digital currency modifications.
  • Amends UTA FIN 59-1-1502 Specie legal tender act within revenue and tax provisions.
  • Bill Provisions
  • Add central bank digital currency to types of specie legal tender defined by current law
  • Defines as digital currency, a digital medium of exchange or digital monetary unit of account issued by Fed, a federal agency, a foreign government, a foreign central bank.
  • Also, foreign reserve made directly available, processed and validated by such entities.
  • Specifies the term money within act does not refer to a central bank digital currency.
  • Note, current Utah Code only refers to specie legal tender as gold or silver coin, bullion
  • Legislative History
  • On Jan. 16, 2024, bill introduced in the House; on Jan. 30, 2024, bill passed in House.
  • On Jan. 31, 2024, bill introduced in the Senate; on Feb. 9, 2024, bill passed in Senate.
  • Effectiveness
  • As proposed, provisions of UTA LEG House bill HB 164 to come in effect May 1, 2024.
  • Mar. 2024 UTA LEG Reported Approved
  • On Mar. 13, 2024, UTA LEG reported HB 164 was signed into law by the governor.

Regulators UTA LEG
Entity Types Bank
Reference Bill, 3/13/2024; Bill HB164, 2/9/2024; Citation: UTA FIN 59-1-1502;
Functions Compliance; Financial; Legal; Settlement; Treasury
Countries United States of America
Products Banking; Clearing; Cryptocurrency; Custody; Deposits
Regions Am
Rule Type Final
Rule Date 2/9/2024
Effective Date 5/1/2024
Rule Id 200894
Linked to N/A
Reg. Last Update 3/13/2024
Report Section US Banking

Last substantive update on 03/19/2024