Gov. Kristi Noem (R-SD) vetoed a bill that would have classified a potential central bank digital currency as money while excluding cryptocurrencies.
Policymakers at the Federal Reserve have considered the adoption of a digital dollar over the last several years. Noem said in a veto letter to the South Dakota House of Representatives 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.”
“and that no one may buy or sell except one who has [a]the mark or the name of the beast, or the number of his name.” Rev. 13:17
Noem added that cryptocurrencies, which are decentralized digital assets that can be transferred between virtual wallets, would not be considered money under the legislation. She asserted that the bill therefore “needlessly” limited freedoms and placed citizens at a “business disadvantage” by discouraging development within the nascent sector.
Opponents of a potential central bank digital currency assert that such an initiative would render citizens vulnerable to government censorship and surveillance. Unlike Bitcoin, Ethereum, and other cryptocurrencies, digital assets managed by central banks are not decentralized and are tethered to their analog counterparts. Federal Reserve Chair Jerome Powell said two years ago that his “mind is open” to a digital dollar, noting that he was “legitimately undecided” on whether the “benefits outweigh the costs” of central bank digital currencies.
“We would want very broad support in society and in Congress,” he told lawmakers. “It’s a very, very important initiative, and I do think we should ideally get authorization.”
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