(a) As used in this section, the following terms have the following meanings:

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Terms Used In Alabama Code 41-1-13

  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • following: means next after. See Alabama Code 1-1-1
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
  • United States: includes the territories thereof and the District of Columbia. See Alabama Code 1-1-1
(1) CENTRAL BANK DIGITAL CURRENCY. A digital currency, a digital medium of exchange, or a digital monetary unit of account issued by the United States Federal Reserve System or a federal agency which is made directly available to a consumer by such entities. The term includes a digital currency, a digital medium of exchange, or a digital monetary unit of account issued by the United States Federal Reserve System, a federal agency, or the World Bank which is processed or validated directly by such entities.
(2) GOVERNMENTAL AGENCY. Any board, commission, department, or other agency of the state or any political subdivision of the state.
(b) No governmental agency shall accept a payment using central bank digital currency.
(c) No governmental agency shall participate in any test of central bank digital currency by any Federal Reserve branch.
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