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 regarding the control of transferable records under the Uniform Electronic Transactions Act. The proposed changes are intended to clarify the legal framework surrounding digital currencies and to safeguard the traditional banking system from the implications of CBDC. 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