Gross to Introduce Legislation to Exclude Digital Currency as Money in Ohio

COLUMBUS - State Representative Jennifer Gross (R-West Chester) has introduced legislation that will not recognize central bank digital currency as money in Ohio.

The legislation will make changes to the Ohio Revised Code to update the definition of money excluding central bank digital currency and will define what CBDC is.

“This legislation allows Ohio to catch up to the national CBDC discussion while also protecting our financial interests,” said Gross. “CBDCs are currently being assessed by federal agencies. We as legislators should plan accordingly. We can make Ohio both prosperous and free, without choosing one over the other.”

In March of 2022 President Biden issued an executive order tasking federal agencies to assess the benefits and potential risks of the development of a central bank digital currency. This report led to the pursuit of a U.S. digital currency and the development of a federal framework for payments.

The legislation has not yet been assigned a committee.