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#92 - Explaining the 2022 UCC Amendments, with Professor Carla Reyes

Law of Code

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The UCC Amendments Address Two Problems in the Bitcoin Industry

The UCC amendments address two problems in the industry and you highlighted these. The first was privacy. And the second is the definition of a general intangible, which was a severe limitation on the negotiability of Bitcoin. Could you explain some of the misconceptions that you're seeing regarding them in the discourse today? Yeah. People are right in interpreting that to mean that things like Bitcoin as adopted by El Salvador and the Central African Republic does not fit the definition of money under one 201. Right now, under existing UCC rules, central bank digital currency is money.

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