South Carolina has enacted a new law strongly supporting cryptocurrency. Governor Henry McMaster signed legislation that prevents the state from using its own digital currency (CBDC) and increases legal safeguards for people who use Bitcoin, mine crypto, develop blockchain technology, and control their own crypto wallets.
South Carolina Blocks CBDCs and Expands Crypto Rights
On May 19th, the governor signed Senate Bill 163 into law. The bill had received broad support from both Democrats and Republicans in the state legislature.
This new law establishes clear rules for owning digital assets like cryptocurrency, as well as for businesses involved in blockchain technology, staking, mining, and crypto payments within the state.
A major part of the new law stops South Carolina government agencies from using, testing, or even taking part in any digital currency program created by the U.S. Federal Reserve or the federal government.
This legislation clarifies that central bank digital currencies, or CBDCs, are digital money created and issued by the government or the Federal Reserve.
The new law includes a key exception: privately issued stablecoins backed by things like government bonds or official currencies are not affected. This means popular stablecoins such as USD Coin are still permitted, even with the new rules around central bank digital currencies.
Bitcoin Self-Custody and Payments Receive Legal Protection
The law also offers better security for people and companies when they use digital assets to make lawful payments and complete transactions.
The updated regulations ensure people can freely accept cryptocurrency as payment for legitimate products and services. They also safeguard individuals’ right to securely store and control their own digital assets without undue limitations.
Proponents of the bill state it’s intended to shield Bitcoin users and those involved in blockchain technology from being singled out by future taxes or rules.
Legal Protection to Crypto Mining and Staking Operations
South Carolina’s new law also provides clear legal rules for companies that mine or stake cryptocurrency within the state.
Cities and counties can no longer create zoning rules, noise limits, or other regulations that unfairly target or discriminate against mining operations.
The new law makes it clear that activities like running blockchain networks, participating in staking, mining cryptocurrencies, and developing blockchain software typically don’t need money transmitter licenses, as long as certain requirements are met.
The new law still allows the state attorney general to prosecute fraud related to phony staking or mining investments.
South Carolina is the latest of several U.S. states – including Oklahoma, Florida, Kentucky, Wyoming, Arizona, and Montana – to enact laws protecting the right to use Bitcoin.
South Carolina’s recent law suggests that more states are becoming comfortable publicly backing Bitcoin.
Read More
- HYPE PREDICTION. HYPE cryptocurrency
- PI PREDICTION. PI cryptocurrency
- USD ZAR PREDICTION
- Silver Rate Forecast
- FIL PREDICTION. FIL cryptocurrency
- ONDO PREDICTION. ONDO cryptocurrency
- USD JPY PREDICTION
- USD CNY PREDICTION
- USD INR PREDICTION
- USD VND PREDICTION
2026-05-20 15:25