South Dakota bans cryptocurrencies, CBDCs unaffected

South Dakota bans cryptocurrencies, CBDCs unaffected
South Dakota bans cryptocurrencies, CBDC unaffected.

South Dakota proposed UCC amendments to remove cryptocurrencies from the definition of money embracing CBDCs.

The state of South Dakota has submitted a bill to alter the Uniform Commercial Code (UCC) to remove cryptocurrencies from the definition of money.

The proposed revised definition would continue to classify central bank digital currencies (CBDCs) as money.

The 117-page amendment, presented by Republican Mike Stevens in the state House of Representatives, defines “money” as “a medium of exchange that is presently approved or accepted by a domestic or international authority.”

The word comprises a monetary unit created by an international body or by agreement between two or more nations.” The measure continues:

“The term does not include an electronic record that is a medium of exchange recorded and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by the government.”

Significantly, CBDC meets the proposed definition of money, in contrast to cryptocurrencies. Andy Roth, the leader of the hardline State Freedom Caucus Network, responded angrily.

The South Dakota law contrasts with the “CBDC Anti-Surveillance State Act” recently presented in the U.S. House of Representatives by Minnesota Republican Tom Emmer, who is seen as a cryptocurrency advocate.

The UCC adopted the idea of “controllable electronic records” in July-approved changes intended to govern state-level digital assets.The new UCC articles also distinguish between cryptocurrencies and CBDCs.

The United States does not have a CBDC, but the government and other organizations, such as the Digital Dollar Project, are doing research on a “digital dollar.”

Juliette Moringiello, a member of the U.S. Uniform Law Commission and American Law Institute joint committee that finalized the changes to the UCC said that the changes “create giant choice-of-law problems, and if any company or person with crypto ends up in bankruptcy, a bankruptcy court would not know which law to apply.”

If enacted, the proposed legislation would take effect on July 1, 2024.


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