The bill H. 3442 aims to amend the South Carolina Code of Laws by modifying the definition of "money" in Section 36-1-201. Specifically, it stipulates that "money" does not include a central bank digital currency (CBDC). The amendment clarifies that while "money" encompasses mediums of exchange authorized by governments and intergovernmental organizations, it explicitly excludes any digital currency issued by the United States Federal Reserve, federal agencies, foreign governments, or foreign central banks that is made available directly to consumers.

This legislation is intended to establish a clear legal distinction between traditional forms of money and central bank digital currencies, thereby prohibiting the recognition of CBDCs as legal tender within South Carolina. The bill will take effect upon receiving approval from the Governor.

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