Upon returning HB-1193 with a VETO, South Dakota Governor Kristi Noem reasoned that the legislation “opens the door to the risk that the federal government could more easily adopt a CBDC, which then may become the only viable digital currency.” The Bill would have classified central bank digital currency (CBDC) as money while excluding cryptocurrencies.
Governor Noem stated that by “expressly excluding cryptocurrencies as money, it would become more difficult to use cryptocurrency. By needlessly limiting this freedom, HB 1193 would put South Dakota citizens at a business disadvantage.”
CBDC would allow for both federal and foreign interference in the private financial transactions of Americans by creating the opportunity for government censorship, surveillance, and control of society via programmable currency.
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