South Dakota Governor Kristi Noem Vetoes Central Bank Digital Currency Bill

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.” “At this moment in time, such a government-backed electronic...