Monetary value is a national currency or a deposit denominated in one
What the document says“The term "monetary value" means a national currency or deposit (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)) denominated in a national currency.”
Paragraph (17), read with paragraph (19). National currency covers a Federal Reserve note as that term is used in the first undesignated paragraph of section 16 of the Federal Reserve Act, money standing to the credit of an account with a Federal Reserve Bank, money issued by a foreign central bank, and money issued by an intergovernmental organization under an agreement by two or more governments. The definition of payment stablecoin in paragraph (22) turns on this term.
What the document actually says“The term "monetary value" means a national currency or deposit (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)) denominated in a national currency.”
This means real money. It is cash a country puts out. It also means money in a bank account held in that cash.
Paragraph (19) lists what counts as a country's money. Bills from the Federal Reserve count. So does money at a Federal Reserve bank. Money from other central banks counts too.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.