PRINTER'S NO. 962
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
797
Session of
2023
INTRODUCED BY MASTRIANO, HUTCHINSON, PHILLIPS-HILL, LAUGHLIN,
LANGERHOLC AND J. WARD, JUNE 26, 2023
REFERRED TO BANKING AND INSURANCE, JUNE 26, 2023
AN ACT
Amending Title 13 (Commercial Code) of the Pennsylvania
Consolidated Statutes, in general definitions and principles
of interpretation, further providing for general definitions.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 1201(b)(24) of Title 13 of the
Pennsylvania Consolidated Statutes is amended and the subsection
is amended by adding a paragraph to read:
ยง 1201. General definitions.
* * *
(b) Definitions.--Subject to additional definitions
contained in subsequent provisions of this title which are
applicable to specific provisions of this title, the following
words and phrases when used in this title shall have, unless the
context clearly indicates otherwise, the meanings given to them
in this subsection:
* * *
(9.1) "Central bank digital currency." A digital
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currency, digital medium of exchange or digital monetary unit
of account that is issued by the Federal Reserve System, a
Federal agency, foreign government, foreign central bank or
foreign reserve system and is made directly available to a
consumer or processed or validated directly by the Federal
Reserve System, Federal agency, foreign government, foreign
central bank or foreign reserve system.
* * *
(24) "Money." A medium of exchange currently authorized
or adopted by a domestic or foreign government. The term
includes a monetary unit of account established by an
intergovernmental organization or by agreement between two or
more countries. The term does not include a central bank
digital currency.
* * *
Section 2. This act shall take effect in 60 days.
20230SB0797PN0962 - 2 -
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