Kristi Noem, the mayor of South Dakota, used his power to veto a law that seeks to change the definition of credit currencies and exclude cryptocurrencies.
In a notice sent to Hugh Bartels, speaker of the South Dakota House of Representatives, Norm said she had vetoed House Bill 1193, which proposed changes to the state's uniform Business Services Code (UCC) and established the exclusion of cryptocurrencies and other digital currencies-with the exception of the central bank digital currency (CBDC). According to the mayor, the bill could put South Dakota residents in a "very negative marketing position" and could allow the federal government to "abuse its power in the future" to sell digital dollars.
"it will become more and more difficult to apply cryptocurrencies based on the explicit exclusion of cryptocurrencies from loan currencies," Noem said. HB 1993 opens the door to risk, and it is likely that the US federal government will easily choose CBDC, which will then become the only viable digital currency. It is undoubtedly hasty to formulate policies and regulations on things that do not yet exist in management methods.
Opposition advocates apply to the persistent efforts of the Noem to negate the law, probably because of the financial industry's concern about doing whatever it wants. Club Enhancement wrote a letter to the mayor of South Dakota urging her to resist the bill and comparing foreign public CBDC with China's digital currency. The South Dakota random caucus, a team of Democratic state lawmakers, praised Noum's move:
Under the proposed UCC amendment, the loan currency will be regarded as "a swap medium that can also be used at this stage authorized by domestic or other national government departments". Industry insiders claim that the term that excludes a lot of digital money from the bill will not be suitable for CBDC: "before investment media are authorized by government departments, electronic records as buying and selling media are transferable in systems in which investment media exist and operate."
Although China's central bank has been experimenting with its CBDC since it launched it in April 2020, the US government is still exploring the potential benefits and risks of selling digital dollars. Like the South Dakota bill, the federal government also has a containment of CBDC. In February, Arkansas Congressman Tom Emmer (Tom Emmer) introduced a law that limits the rights of Fed meetings to CBDC.
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