South Carolina is leading the way as one of the first states to create laws protecting cryptocurrency and opposing government-controlled digital currencies, known as CBDCs.
People in the crypto world are excited that South Carolina Governor Henry McMaster has signed a new law making it easier to use cryptocurrencies in the state.
South Carolina bans anti-crypto acts
As a researcher following the crypto space, I’ve learned that new legislation has been approved. It seems designed to limit what crypto users – and businesses accepting crypto payments – can do, specifically targeting activities the government considers harmful.
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The new law ensures that digital assets, like Bitcoin and other cryptocurrencies, will be taxed the same way as other property – they won’t be treated differently.
Under this new rule, crypto transactions in the state won’t be taxed any differently than regular purchases made with U.S. dollars. People and businesses won’t owe any extra state taxes just because they use cryptocurrency.
The law also includes measures that support cryptocurrency by loosening existing regulations and promoting new developments in digital assets within the state.
This also means protecting people’s right to manage their own digital assets. Residents can now directly hold and control things like cryptocurrency without needing a bank or other company to do it for them.
The new law in South Carolina specifically supports businesses that mine digital assets, like cryptocurrency. This means these companies won’t need to meet some of the usual licensing rules.
The law attempts to safeguard rights, but it also restricts how discrimination claims can be made regarding mining projects linked to power generation.
South Carolina halts CBDC use
The new bill also prioritizes a lasting legal ban on Central Bank Digital Currencies (CBDCs) in South Carolina.
According to recent reports, the new law prevents state governments from accepting or asking for payments with central bank digital currencies (CBDCs). It also stops them from taking part in any programs that test CBDCs.
This tends to foster the adoption of cryptocurrencies due to their decentralized nature.
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2026-05-20 19:01