Overview
- Gov. Henry McMaster signed S.0163 into law, which forbids state and local entities from accepting a central bank digital currency and blocks participation in any Federal Reserve CBDC pilot.
- The law protects self-custody of digital assets and lets people and businesses accept crypto for goods and services without extra state or local taxes based only on the payment method.
- Mining and staking gain new protections through easier zoning for mining sites, a carveout that labels certain services as non-securities, and relief from several licensing hurdles.
- Mining and related blockchain work no longer require a money-transmitter license in South Carolina, while the Public Service Commission keeps oversight of energy use and the Attorney General retains fraud enforcement authority.
- A fiscal note says the CBDC ban has no immediate cost because no U.S. digital dollar exists, yet the test ban and the new mining and payment rules take effect now and could face legal tests if federal pilots emerge.