H3304

Bans central bank digital currency in South Carolina by amending definitions and prohibiting banking corporations from offering services or.

This bill amends the South Carolina Code to redefine "money" to exclude central bank digital currency, which is defined as a digital currency issued by the U.S. Federal Reserve System or other entities. It prohibits banking corporations from offering services or conducting transactions involving central bank digital currency. The State Board of Financial Institutions is required to issue regulations prohibiting entities under its jurisdiction from offering services or conducting transactions involving central bank digital currency. The act takes effect upon approval by the Governor.