Summary
- The North Carolina Department of State Treasurer has passed a bill to commission a comprehensive study on the feasibility and benefits of North Carolina holding Bitcoin, along with gold bullion.
- If the bill is enacted into law, it could pave the way for the establishment of a state-administered depository for cryptocurrencies, making North Carolina the custodian of its digital currency holdings.
- Furthermore, the bill seeks to prevent the US Federal Reserve from conducting any future pilot CBDC tests in North Carolina.
North Carolina House Approves Bill to Initiate Study on Bitcoin Implementation
The North Carolina Department of State Treasurer has taken steps to deepen its understanding of Bitcoin. The lower house of the General Assembly has passed a bill to commission a comprehensive study on the feasibility and benefits of North Carolina holding Bitcoin, along with gold bullion.
Potential Impact if Enacted into Law
If this bill is enacted into law, it could pave the way for the establishment of a state-administered depository for cryptocurrencies, making North Carolina the custodian of its digital currency holdings. The study will also analyze the costs and benefits associated with using a privately managed depository or opting for another state’s depository. This latest move follows another notable development in North Carolina’s approach to digital currencies.
Support Received in General Assembly
The bill received substantial support in 120-membered House of Representatives, with 73 members voting in favor. It will now proceed to Senate for consideration before being signed into law by Governor Roy Cooper.