TechFlow News: On May 20, the Governor of South Carolina signed Senate Bill S.163. This bill prohibits any government entity from accepting or requiring payments in central bank digital currencies (CBDCs) or from participating in CBDC testing; permits individuals and businesses to transact using digital currencies; stipulates that digital assets must not be treated differently from other assets; specifies that digital currency transactions may be taxed only if the tax rate applied is identical to that applied to transactions conducted using U.S. legal tender; restricts certain digital currency operations within areas zoned for industrial use; mandates that digital asset mining operations must not impose any additional strain on the electrical grid to which they are connected; requires digital mining enterprises to provide certain information upon request by the Public Service Commission; exempts individuals engaged in digital mining operations from obtaining certain licenses; clarifies that persons providing certain services related to digital mining or staking do not thereby constitute securities dealers; authorizes the Attorney General to bring legal action against individuals or entities that fraudulently claim to offer digital asset mining or staking services; and defines key terms.
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