The state of South Dakota is making moves seeking to redefine what constitutes money, with a keen interest on classifying cryptocurrencies.
The bill titled ‘An Act to amend provisions of the Uniform Commercial Code‘ indicates that digital currencies such as Bitcoin (BTC) would be excluded from defining money since they originate from individuals or organizations.
According to the proposed amendment, a possible medium of exchange would be identified as money only if it’s ‘authorized or adopted’ by a government.
(By Paul L.)
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