Bill > H3442

This bill amends the South Carolina Code of Laws by modifying the definition of "money" in Section 36-1-201 to explicitly exclude central bank digital currencies (CBDCs). Specifically, the bill defines a CBDC as a digital medium of exchange or monetary unit issued directly by entities like the U.S. Federal Reserve, federal agencies, foreign governments, or foreign central banks, which is processed or validated directly by those entities. Under this proposed amendment, such digital currencies would not be considered legal tender or recognized as money in South Carolina. The purpose appears to be preventing potential future implementation of digital currencies issued by central banks, thereby maintaining traditional forms of currency and financial transactions. The bill would take effect immediately upon approval by the Governor, providing an immediate prohibition on CBDCs within the state's legal framework.