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 amends the definition of "Money" to explicitly exclude CBDC. Additionally, the bill prohibits banking corporations from offering any services or conducting transactions involving CBDC, as outlined in Section 34-3-210. The State Board of Financial Institutions is also mandated to create regulations to prevent entities under its jurisdiction from engaging in any activities related to CBDC.

Furthermore, the bill makes a technical change to Section 26-6-160 regarding 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