Bankers Association wants second try on digital currency regulations

Move comes after South Dakota lawmakers defeated Uniform Commercial Code update due to Central Bank Digital Currency inclusion

CORRECTION: An earlier version of this story said that the SDBA wants to bring a revised update of the Uniform Commercial Code. This characterization was inaccurate. The Dakota Scout regrets the error.

The sudden defeat of legislation last year intended to define a Central Bank Digital Currency has organizers going back to the drawing board on the issue. 

But next session, the South Dakota Bankers Association (SDBA) plans to bring a bill that it hopes will bridge the gap between it and detractors on the issue. 

The association plans to bring legislation next session that would prevent South Dakota from adopting a CBDC, the main sticking point opponents like Gov. Kristi Noem used to oppose last year's bill. Additionally, Karl Adam, president of the association, says that his organization’s national offices are committed to opposing future efforts to implement CBDC. 

“This is a totally separate policy from what we did last year,” Adam said.

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