South Carolina House Bills 4373 (H4373) and 4442 (H4442) would explicitly exclude a CBDC from the definition of money in South Carolina, effectively banning its use as such in the state. Under the South Carolina Uniform Commercial Code (UCC), “money” means “a medium of exchange currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more countries.” Both bills would add “the term does not include a central bank digital currency” to that definition.
H4373 also prohibits a banking corporation in South Carolina from offering any service or approving any transaction that involves central bank digital currency (learn more here)
Both bills are in the House Labor, Commerce and Industry Committee – where they will need to pass by a majority vote to move forward.
1. Contact the Chair of the Committee.
Be firm, but professional. Let him know you’d like to see a hearing and vote on H4373 and H4442 asap.
contact info here.
2. Contact all other members of the Committee.
Be firm, but professional. Let them know you support H4373 and H4442 and want to see them vote YES when they come up for consideration.
Find committee members at this link.
3. Share this information widely.
No law has been passed in the state to address a CBDC.
Learn More Here
A Central Bank Digital Currency would be incredibly dangerous to the economy, the constitution - and your liberty. Although it might seem inevitable, it can be stopped. Learn more below.
James Madison vs a Central Bank Digital Currency
States and individuals can stop a CBDC. It’s going to take hard work - and good strategy. The latter, we’ve got from the “father of the Constitution” - who gave us a four-step blueprint to stop federal programs without relying on the federal government to magically limit its own power. (podcast here)
Digital Tyranny: Beware of the Government’s Push for a Digital Currency
A government-issued digital currency will give the government the ultimate control of the economy and complete access to the citizenry’s pocketbook. While the government might tout the ease with which it can deposit stimulus funds into the citizenry’s accounts, such a system could also introduce what economists refer to as “negative interest rates.” Instead of being limited by a zero bound threshold on interest rates, the government could impose negative rates on digital accounts in order to control economic growth.
Central Bank Digital Currency: Paper Money isn’t the Solution
Physical paper money solves some of the privacy and security issues inherent in central bank digital currencies (CBDCs). But a lot of people seem to have forgotten that government-issued paper fiat is the parent of a CBDC, and it won’t solve the more fundamental problem – whether physical or digital, fiat currency isn’t real money.