Kristi Noem, the Governor of South Dakota, has said ‘No’ to a law that would stop people from using cryptocurrencies like Bitcoin as money. This law was made to look like it was improving a set of rules called the Universal Commercial Code, but really, it’s setting up for some type of digital currency controlled by the government. She thinks this is a bad idea and wants twenty other states to reject any similar laws they may be thinking about passing.
Governor Noem Vetoed a Bill Defining Digital Currency in South Dakota
The government of South Dakota recently stated that the Governor, Kristi Noem, has vetoed a bill about digital currency in the state. In her explanation for doing so, she said that the new bill did not include cryptocurrencies like bitcoin as part of money, but did include central bank digital currencies (CBDC).
The Governor mentioned in an interview with Fox News that there was a bill that was over 110 pages long. This bill was meant to change the standards given by banks for our financial activities and is called the “Uniform Commercial Code”.
We read the bill and noticed a part that changed the definition of currency. This opened up an opportunity for the government to create their own digital currency. It also banned using cryptocurrencies, like Bitcoin. The governor felt this was a danger to our freedom since South Dakota was one of the first states to realize what exactly was in the bill.
Warning from the Governor
Governor Noem explained further: “Twenty other states will get this same rule. I think it’s meant to give the federal government control over our money – and us – by hiding it as an update of the UCC regulations. Everyone should be worried about that!”
The governor said in a warning that if the government makes its own digital currency (CBDC) the only legal currency, then the government will decide how you can use that money and that could stop you from having any freedom. She said this on Twitter Saturday.
More than 20 states have a similar law that could make it harder to use cryptocurrencies. These laws might also let the federal government introduce their own type of money, and it’s important that we stop this kind of legislation from passing.
The Governor wrote in her veto letter that the proposed law, HB 1193, which excluded cryptocurrencies (like Bitcoin) as money was a bad idea. By not allowing people to use these kinds of currencies, it will make it difficult for South Dakota citizens to compete with businesses in other places.
Noem said that by trying to define ‘money,’ the bill, HB 1193, might allow the federal government to make a digital currency (CBDC) thought they haven’t made it yet. She stated that this could mean that the CBDC becomes the only option for people to use.
It would be a bad idea to put rules in place for something that does not exist yet. More importantly, South Dakota should keep the government from getting too involved.
What do you think about the new rules trying to stop cryptocurrency from being used as money and letting the government have control over digital currencies? Leave your opinion below.