H4373: Central Bank Digital Currency Prohibitions

Legislative Summary

Amend The South Carolina Code Of Laws By Amending Section 36-1-201, Relating To Commercial Code General Definitions, So As To Add The Definition Of "central Bank Digital Currency" And To Amend The Definition Of "money" To Exclude Central Bank Digital Currency; By Amending Section 26-6-160, Relating To Control Of Transferable Records Pursuant To The Uniform Electronic Transactions Act, So As To Make A Technical Change; By Amending Section 34-3-210, Relating To The General Powers Of A Banking Corporation, So As To Prohibit A Banking Corporation From Offering Any Service Or Approving Of Or Conducting Any Transaction That Involves Central Bank Digital Currency; And To Require The State Board Of Financial Institutions To Promulgate Regulations To Prohibit Entities Within Its Jurisdiction From Offering Or Providing Any Service Or Conducting Any Transaction That Would Utilize Central Bank Digital Currency.