Young, Demetriou Introduce Bill to Exclude CBDC as Money

COLUMBUS — State Representatives Tom Young (R-Washington Twp.) and Steve Demetriou (R-Bainbridge Twp.) have introduced legislation that will not recognize central bank digital currency as money in Ohio.

Central bank digital currency is digital money that is issued by the U.S. Federal Reserve, foreign reserve system, or entities that are processed or validated by the Federal Reserve and is a digital representation of value that is not available in physical form, but can be used as a medium of exchange, a unit of account or a store of value. 

“This legislation will protect Ohio consumers and businesses from federal policies that do not promote economic freedom,” said Young. “This legislature will not allow Federal overreach when it comes to Ohioans financial freedom.”

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. 

“We must protect our neighbors from government encroachment on their personal finances,” said Demetriou. “This legislation will ensure that financial technology cannot be weaponized against hard working Ohioans.”

The legislation has not yet been assigned a committee.