South Carolina enacted Senate Bill 163 to create a supportive legal framework for cryptocurrency use. The law defines key digital asset activities and provides protections for users, businesses, and related infrastructure. It affirms that individuals and businesses may use digital assets like bitcoin in commerce and prohibits entities from banning acceptance of cryptocurrencies as payment for goods and services. It guarantees the right to hold assets in self-hosted or hardware wallets, reinforcing self-custody. The law also prevents additional state or local taxes or fees on transactions using digital assets as payment, aiming for parity with U.S. dollars. It bars state agencies and political subdivisions from accepting or requiring payments in a CBDC and prohibits participation in Federal Reserve digital currency testing programs. It includes protections for cryptocurrency mining by restricting local limits in industrial zones that differ from other businesses.
"South Carolina has enacted a new law aimed at establishing a clear and supportive framework for cryptocurrency use, marking one of the most comprehensive state-level efforts to date. Governor Henry McMaster signed Senate Bill 163 into law on May 19 after it passed the legislature with strong bipartisan support, clearing the Senate in a 38-1 vote and the House in a 110-1 vote. The measure amends the state's legal code to define key digital asset activities while outlining protections for users, businesses, and infrastructure tied to the sector."
"At the core of the legislation is a provision that affirms the right of individuals and businesses to use digital assets like bitcoin in commerce. The law states that no entity may be prohibited from accepting cryptocurrencies as payment for goods and services. It also guarantees the right to hold assets in self-hosted or hardware wallets, reinforcing the principle of self-custody. The bill further prevents South Carolina and local governments from imposing additional taxes or fees on transactions that involve digital assets when those assets are used as a method of payment."
"Another key element of the South Carolina law is its stance on central bank digital currencies. The legislation bars any state agency, department, or political subdivision from accepting or requiring payments in a CBDC. It also prohibits participation in any testing program tied to a Federal Reserve-issued digital currency. The measure reflects concerns among some policymakers about privacy, financial surveillance, and federal overreach."
"The law also includes protections for cryptocurrency mining operations, a sector that has sought clearer rules at the state level. Local governments are restricted from imposing limits on mining businesses in industrial zones that differ from those applied to oth"
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