The bill H. 3304 aims to amend the South Carolina Code of Laws to prohibit the use of Central Bank Digital Currency (CBDC) within the state. It introduces a definition for "Central Bank Digital Currency" in Section 36-1-201 and modifies the existing definition of "Money" to explicitly exclude CBDC. Additionally, the bill amends Section 34-3-210 to prevent banking corporations from offering any services or conducting transactions involving CBDC. The State Board of Financial Institutions is also tasked with creating regulations to ensure that entities under its jurisdiction do not engage in any activities related to CBDC.

Furthermore, the bill makes a technical change to Section 26-6-160 concerning the control of transferable records under the Uniform Electronic Transactions Act. The proposed changes reflect a clear legislative intent to restrict the adoption and use of CBDC in South Carolina, emphasizing the state's position against this form of digital currency. The act will take effect upon approval by the Governor.

Statutes affected:
12/05/2024: 36-1-201, 26-6-160, 34-3-210
Latest Version: 36-1-201, 26-6-160, 34-3-210
12/06/2024: 36-1-201, 26-6-160, 34-3-210