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Key Takeaways
- S.0163 signed into law.
- CBDC prohibition covers both acceptance and test participation by state authorities.
- Self-custody and non-discriminatory tax protections extend to all digital assets, not Bitcoin only.
- Fiscal impact assessed as zero under current conditions.
The CBDC Ban and Why the Test Participation Clause Matters More
The bill prohibits any state governing authority from accepting or requiring payment in central bank digital currency issued by the Federal Reserve or any other federal agency. The fiscal impact statement notes this provision has no immediate effect because no such currency currently exists.
The CBDC prohibition is immediately costless because no digital dollar exists yet, but the test participation ban is the provision with operational teeth: it prevents South Carolina state authorities from being enrolled in a federal pilot before residents have an...
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