A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 36-1-201, RELATING TO GENERAL COMMERCIAL CODE DEFINITIONS, SO AS TO AMEND THE DEFINITION OF MONEY TO PROVIDE THAT CENTRAL BANK DIGITAL CURRENCY IS NOT CONSIDERED MONEY FOR THE PURPOSES OF THE UNIFORM COMMERCIAL CODE; AND BY AMENDING SECTION 36-1-201, RELATING TO GENERAL COMMERCIAL CODE DEFINITIONS, SO AS TO DEFINE CENTRAL BANK DIGITAL CURRENCY.

 

Be it enacted by the General Assembly of the State of South Carolina:

 

SECTION 1.  Section 36-1-201(b)(24) of the S.C. Code is amended to read:

 

    (24) "Money" means a medium of exchange that is 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. The term does not include central bank digital currency.

 

SECTION 2.  Section 36-1-201(b) of the S.C. Code is amended by adding:

 

    (44) "Central bank digital currency" means a digital currency, a digital medium of exchange, or a digital monetary unit of account issued by the United States Federal Reserve system, a federal agency, a foreign government, a foreign central bank, or a foreign reserve system, that is made directly available to a consumer. The term includes a digital currency, digital medium of exchange, or a digital monetary unit of account issued by the United States Federal Reserve system, a federal agency, a foreign government, a foreign central bank, or a foreign reserve system, that is processed or validated directly by one of those entities.

 

SECTION 3.  This act takes effect upon approval by the Governor.

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