BITCOIN

South Dakota Governor Kristi Noem has vetoed a bill that bans the use of cryptocurrencies, including bitcoin, as money. The bill, masquerading as a Universal Commercial Code (UCC) guidelines update, also paves the way for central bank digital currencies (CBDCs). Emphasizing that this bill is clearly “a threat to our freedom,” the governor urged 20 other states that are about to consider a similar bill to “block this legislation from passing.” South Dakota’s Governor Vetoes Bill That ‘Bans’ Bitcoin and Other Cryptocurrencies for Use as Money The government of the U.S. state of South Dakota announced Friday that Governor Kristi Noem has vetoed House Bill 1193 “which would infringe upon freedom in digital currency.” In her veto letter, the governor explained: HB 1193 adopts a definition of ‘money’ to specifically exclude cryptocurrencies like bitcoin, as well as other digital assets. At the same time, these UCC revisions include central bank digital currencies (CBDCs) as money. N

Goldman Sachs has revised its U.S. interest rate forecast due to “stress in the banking system.” The global investment bank no longer expects the Federal Reserve to raise interest rates at its Federal Open Market Committee (FOMC) meeting in March after the central bank announced measures to rescue depositors of failed Silicon Valley Bank and Signature Bank. Goldman Sachs Revises Rate Hike Forecast Global investment bank Goldman Sachs has revised its interest rate hike prediction for the upcoming Federal Open Market Committee (FOMC) meeting in March. In a note to clients on Sunday, the bank’s economists, led by its chief economist Jan Hatzius, detailed: In light of the stress in the banking system, we no longer expect the FOMC to deliver a rate hike at its next meeting on March 22. Last month, the FOMC increased the federal funds rate by 25 basis points to a target range of 4.5% to 4.75%, the highest since October 2007. Goldman revised its forecast shortly after the Treasury Dep