The bill H. 3442 seeks to amend the South Carolina Code of Laws by modifying the definition of "money" in Section 36-1-201. The amendment specifies that "money" does not include a central bank digital currency (CBDC). The bill defines CBDC as a digital medium of exchange or monetary unit issued by entities such as the United States Federal Reserve System or foreign central banks that is made directly available to consumers and processed by these entities.

If enacted, this legislation would formally exclude central bank digital currencies from the legal definition of money in South Carolina, thereby prohibiting their recognition as a valid medium of exchange within the state. The bill is set to take effect upon approval by the Governor.

Statutes affected:
12/05/2024: 36-1-201
Latest Version: 36-1-201
12/06/2024: 36-1-201