South Carolina Enacts Pro-Bitcoin Legislation Blocking State-Level CBDC Participation

The U.S. state of South Carolina has officially enacted legislation promoting the use of Bitcoin and other cryptocurrencies.

On May 19, Governor Henry McMaster signed Senate Bill 163 into law, which aims to safeguard digital asset ownership, blockchain operations, staking services, mining businesses, and crypto payments within the state's borders.

The bill explicitly prohibits government agencies from participating in or accepting CBDCs issued by the U.S. Federal Reserve or federal government. However, it does allow privately issued stablecoins backed by government treasuries or legal tender to continue operating under current regulations.

According to the legislation, individuals and businesses cannot be restricted from using digital assets for legitimate transactions and payments. Furthermore, self-custody rights are now better protected, enabling users to independently manage their digital assets without unnecessary restrictions.