South Dakota governor moves to block CBDC bill that excludes crypto-assets from definition of money
South Dakota Governor Kristi Noem has vetoed a bill that aims to exclude digital assets from the legal definition of money – with the exception of central bank digital currencies (CBDCs).
In an interview with Tucker Carlson, Noem says that the bill had to be vetoed as it was a clear threat to fundamental freedoms.
Noem also says that under the bill, the federal government could more easily adopt a CBDC, which would be the only viable digital asset.
“It was sold as an update to the guidelines of the UCC [Uniform Commercial Code], supported by all our financial institutions, our banks. When we started reading through it, we saw the part of the bill that changed the definition of currency. And basically what it did was pave the way for a government-led CBDC and it also banned any other form of cryptocurrency, Bitcoin (BTC) or digital currency that existed. So to me it was clearly a threat to our freedom…
We have the same language in over 20 other states. I believe it is to pave a way for the federal government to control our currency, and thus control people. It should be alarming to people and it is being sold as an update to UCC guidelines.”
Noem refers to House Bill 1193, which seeks to amend South Dakota’s UCC.
The bill does not name CBDCs specifically, but describes money as something that can be “established by an intergovernmental organization.”
“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. The term does not include an electronic record that is a medium of exchange registered 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 authorities.”
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