Overview

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Governor of South Dakota, Kristi Noem has rejected House Bill 1193 which proposed the amendment of the meaning of ‘money’ to exclude bitcoin but accept CBDCs; South Dakota governor Kristi Noem has vetoed House Bill 1193. The bill changes the definition of money to exclude cryptocurrencies like Bitcoin and includes support It proposes that digital currencies like bitcoin (BTC) should not be considered money since a government does not issue them. BREAKING: The state of South Dakota is HB 1193 adopts a definition of “money” to specifically exclude cryptocurrencies like Bitcoin, as well as other digital assets. At the same time, these UCC revisions include Central Bank The bill titled ‘An Act to amend provisions of the Uniform Commercial Code‘ indicates that digital currencies such as Bitcoin would be excluded from defining money since The U.S. state of South Dakota is working on a bill to redefine the meaning of currency. Moreover, the state has taken a keen interest in classifying digital assets. The bill is Kristi Noem, the governor of South Dakota, has used her authority to veto legislation aimed at changing the definition of money to exclude cryptocurrencies.

South Dakota Governor Vetoes Bill to Exclude Cryptocurrency from Definition of Money

Breaking news from South Dakota: Governor Kristi Noem has vetoed House Bill 1193, a bill aimed at redefining "money" within the state\'s Uniform Commercial Code (UCC). This controversial bill sought to exclude cryptocurrencies like Bitcoin from the legal definition of money.

What was House Bill 1193 (HB 1193)?

HB 1193, officially titled ‘An Act to amend provisions of the Uniform Commercial Code,\' proposed a significant shift in how South Dakota classifies digital assets. The core of the bill involved adopting a specific definition of “money” that would explicitly exclude cryptocurrencies such as Bitcoin (BTC) and other decentralized digital assets. The reasoning behind this exclusion, as stated in the bill, was that cryptocurrencies like Bitcoin are not issued by a government entity.

Kristi Noem Vetoes the Bill

Despite the bill\'s passage through the South Dakota legislature, Governor of South Dakota, Kristi Noem, has ultimately rejected it. Her veto signifies a setback for proponents of the bill and raises questions about the future of cryptocurrency regulation in the state. South Dakota governor Kristi Noem vetoed House Bill 1193.

Bill Proposed Accepting CBDCs

While aiming to exclude Bitcoin and similar cryptocurrencies, the proposed UCC revisions also included provisions for Central Bank Digital Currencies (CBDCs). This aspect of the bill highlights South Dakota\'s interest in classifying digital assets while potentially paving the way for the future adoption of government-backed digital currencies.

Why the Redefinition of Money Matters

The definition of money carries significant legal and economic implications. By excluding cryptocurrencies, HB 1193 would have affected their treatment in commercial transactions, taxation, and other legal contexts. The state of South Dakota is taking a keen interest in classifying digital assets.

Looking Ahead

Governor Kristi Noem\'s veto leaves the existing definition of money unchanged for now. However, the debate surrounding cryptocurrency regulation in South Dakota is far from over. The U.S. state of South Dakota is working on a bill to redefine the meaning of currency. It remains to be seen whether future legislative efforts will attempt to revisit the issue and what approach South Dakota will ultimately take in regulating the burgeoning digital asset landscape. Governor Kristi Noem, the governor of South Dakota, has used her authority to veto legislation aimed at changing the definition of money to exclude cryptocurrencies.

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