A bill seeking to prevent the use of digital currencies to pay for goods and services has been presented before South Dakota’s House of Representatives.
The bill, introduced by Mike Stevens, attempts to amend the state’s Uniform Commercial Code (UCC) by limiting the definition of money. According to the wording of the bill, only monies authorized by a domestic or foreign government will be allowed in the state.
Under this definition, BTC, having been designated as legal tender by El Salvador’s government, would have made the cut. However, a specific clause in the 117-page document rules out digital currency for being an “electronic record,” essentially disqualifying stablecoins.
