COLUMBIA, S.C.—Saying they are seeking to head off a “potential threat” to liberty, some of South Carolina’s state legislators are pushing for the prohibition of central bank digital currencies (CBDCs) within the state.
“This move is manifesting through proposed bills including House Bill 4373, House Bill 4442, Senate Bill 834, and Senate Bill 861,” BNN reported. “These bills are backed by a group of state representatives and senators who have a shared vision of modifying the state’s definition of money under the Uniform Commercial Code, with the objective of excluding CBDCs.”
According to BNN, the proposed legislation does not discriminate against the issuing authority of the CBDCs, be it the U.S. Federal Reserve, a federal agency, or foreign entities.
“If these bills find favor and become law, they would prevent banking corporations within South Carolina from transacting with CBDCs,” BNN said.
‘Potential Threat’
The push for these bills emerges as a response to efforts by the Uniform Law Commission and other entities advocating for the adoption of CBDCs, BNN said.
“Some state lawmakers view the rise of CBDCs as a potential threat to Americans’ liberty and privacy. The argument from these lawmakers is that a CBDC would expand government power, reduce personal freedoms, and eliminate financial privacy by enabling the Federal Reserve to control and monitor transactions. They point to recent international events as examples of government overreach and express concerns over the potential for a global digital currency system,” BNN said.
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