South Carolina H3442 bans central bank digital currency from being considered money.

South Carolina H3442 amends the state's definition of "money" to exclude central bank digital currency. This means digital currencies issued by the Federal Reserve, federal agencies, foreign governments, or foreign central banks will not be recognized as money under state law. The bill updates the South Carolina Code of Laws to clarify that "money" includes only mediums of exchange authorized or adopted by governments and intergovernmental organizations, excluding digital currencies processed or validated by central banks. This act takes effect upon approval by the Governor.

South Carolina H3442 bans central bank digital currency from being considered money.

South Carolina H3442 amends the state's definition of "money" to exclude central bank digital currency. This means digital currencies issued by the Federal Reserve, federal agencies, foreign governments, or foreign central banks will not be recognized as money under state law. The bill updates the South Carolina Code of Laws to clarify that "money" includes only mediums of exchange authorized or adopted by governments and intergovernmental organizations, excluding digital currencies processed or validated by central banks. This act takes effect upon approval by the Governor.