ELECTIONS, POLITICS, & GOVERNMENT

Bill banning Central Bank Digital Currency one step closer to becoming law

Jan 24, 2024, 12:00 PM

Rep. Tyler Clancy, R-Provo, speaks during the House Economic Development and Workforce Services Sta...

Rep. Tyler Clancy, R-Provo, speaks during the House Economic Development and Workforce Services Standing Committee hearing at the East Senate Building on Capitol Hill in Salt Lake City on Tuesday, Jan. 23, 2024. (Megan Nielsen, Deseret News)

(Megan Nielsen, Deseret News)

SALT LAKE CITY — A Utah House Committee has approved a bill making it against the law to use Central Bank Digital Currency in the Beehive State.

Central Bank Digital Currency – or CBDC – is a digital monetary system controlled by a central bank like the Federal Reserve. It bypasses traditional banks and credit unions.

The bill’s sponsor, Rep. Tyler Clancy, R-Salt Lake City, said one of the big challenges with CBDC is it puts people’s privacy at risk.

“Consumer privacy is not a partisan issue, as I’ve talked to constituents and people in the community about the importance for this. It’s widely recognized to say, ‘Yep. I’d like politicians to stay two steps away from my bank account,'” Clancy said.

 CBDC differs from traditional transfers like Venmo and Zell. When CBDC is used, the financial institution that issued the currency knows everything about the purchase.

“Howard Headley from Utah Bankers Association explained in committee that CBDC moves around the financial institutions that…Utah families know and trust and goes direct to the consumer. The problem with this is that means now your financial decisions are going to be influenced by politics,” said Clancy.

According to Clancy, CBDC is not a cryptocurrency. Clancy said CBDC is not a cryptocurrency because CBDC is controlled by one central entity. Cryptocurrencies are decentralized. 

The bill passed out of committee with a unanimous vote.

Related: 

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Elections, Politics, & Government

labor union bill passes utah senate...

DANIEL WOODRUFF

Utah Senate gives final approval to original version of labor union bill

The Utah Senate gave final approval Thursday to a controversial bill banning collective bargaining for public sector unions.

18 minutes ago

The House on Fire ruins are pictured in the Shash Jaa Unit of Bears Ears National Monument in San J...

Amy Joi O'Donoghue, Deseret News

Interior secretary orders review of public lands withdrawals

Review of public lands withdrawals could mean a hard look at national monuments, including Utah’s Bears Ears and Grand Staircase

1 hour ago

Millcreek Mayor Jeff Silvestrini speaks with KSL TV in an interview on Wednesday, Feb. 5, 2024. (KS...

Garna Mejia and Mary Culbertson, KSL TV

‘That’s thuggery’; Millcreek mayor demands investigation into ICE agents after traffic stop

After a controversial traffic stop made by ICE agents, Millcreek's city mayor is demanding action.

2 hours ago

Pam Bondi is sworn in as Attorney General by Supreme Court Associate Justice Clarence Thomas, right...

Alanna Durkin Richer and Eric Tucker, Associated Press

New Attorney General Pam Bondi orders review of Trump cases as she takes over the Justice Dept.

New Attorney General Pam Bondi has ordered a review of the federal prosecution of Donald Trump as she unveiled a series of directives designed to overhaul a Justice Department the president has claimed is biased against conservatives.

3 hours ago

A new bill sponsored by Rep. Sahara Hayes seeks to add restrictions to political advertisements, sp...

Michelle Lee

Utah lawmaker seeks to make changes to political advertisement restrictions

A new bill sponsored by Rep. Sahara Hayes seeks to add restrictions to political advertisements, specifically the ones on social media.

17 hours ago

students watch chemistry demonstration...

Clayre Scott

STARBASE Hill program shuts down due to lack of government funding

The STARBASE Hill program has been shut down due to a lack of funding. This means the end to STEAM, a program that gave students hands on learning in STEM fields.

22 hours ago

Sponsored Articles

Full speed through the snow. A man on skis is pulled by his through the snow at full gallop Skijori...

Bear Lake Convention and Visitors Bureau

Get ready for an unforgettable skijoring adventure in Bear Lake!

“Skijoring the Bear” takes place this year on February 21-22 in Garden City, Utah.

the bedroom in a geodesic dome shows the night sky...

Clear Sky Resorts Bryce Canyon

Your front row to an extraordinary cosmos show

As America's first glass dome stargazing resort, Clear Sky Resorts Bryce Canyon is one of the world’s most unique and spectacular places to stay.

2 people huddled up in a blanket and warm clothes sipping hot chocolate...

Bear Lake Convention & Visitors Bureau

The best ways to spend your Christmas vacation in Bear Lake

If you're dreaming of a white Christmas this year, Bear Lake should definitely be on your radar. Read this guide for more!

big crowd of people under holiday lights in an outdoor market...

Western Nut

Our favorite family Christmas activities in Utah

We gathered up a list of our favorite activities, movies, and treats to try this holiday season that the whole family can enjoy.

an IT tech looks at a laptop in front of a server network...

Comcast Business

Tips to protect yourself from phishing attacks

Check out this resource from Comcast Business to learn more about phishing attacks and how to protect yourself from becoming a victim of one.

A surprise gift, wrapped and ready to bring holiday cheer! Whether for Christmas, a birthday, or an...

Western Nut

10 Holiday Gift Ideas to cover everyone on your list

This guide is for you if you need holiday gift ideas that will make a lasting impression. 

Bill banning Central Bank Digital Currency one step closer to becoming law