AL HB408

Amends Section 7-1-201 of the Alabama Uniform Commercial Code to add a new definition for "central bank digital currency" as a digital currency, digital medium of exchange, or digital monetary unit issued by the U.S. Federal Reserve, federal agencies, foreign governments, foreign central banks, or foreign reserve systems and made directly available to consumers or processed/validated by such entities.

Modifies the existing definition of "money" to explicitly exclude central bank digital currencies, while retaining the current definition that money means a medium of exchange authorized or adopted by a domestic or foreign government.

Becomes effective on the first day of the third month following passage and gubernatorial approval, or upon otherwise becoming law.