Gov. Noem Signs Bills Blocking Central Bank Digital Currency

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On Tuesday, Governor Kristi Noem signed two bills that block a Central Bank Digital Currency (CBDC) from being utilized in South Dakota.

“In South Dakota, we will always protect the economic Freedom of our people,” said Governor Noem. “I VETOED last year’s UCC bill because it limited economic Freedom and put South Dakotans at risk. I’m proud that we have been able to work together over the past year to create legislation that prioritizes our people, their security, and their Freedoms.”

Last year, Governor Noem was the first governor in the nation to VETO the Uniform Commercial Code (UCC) bill for two reasons:

• It needlessly limited the economic Freedom to use cryptocurrency; and
• It opened the door to the risk that the federal government could adopt a Central Bank Digital Currency (CBDC).

These two bills satisfy both reasons for Governor Noem’s VETO last year.

HB 1163 amends provisions of the Uniform Commercial Code (UCC), into law. HB 1161 regulates the acceptance of a central bank digital currency to further strengthen the laws protecting South Dakotans from CBDCs.

A photo from the bill signing can be found here.

Governor Noem has signed 88 bills into law this legislative session.

Author: Press Release