• The “State Precious Metals Depositary Investigation” bill received bipartisan support and passed 75 to 38.
  • If the bill is passed, North Carolina could consider adding bitcoin to its treasury.
  • In May, the House of Representatives voted in favor of another bill that would ban CBDCs in the state.

The North Carolina House of Representatives has passed legislation that could cause the state to begin investigating the potential benefits of adopting Bitcoin for the state Treasury Department.

North Carolina Seeks to Add BTC to Treasury

”Survey of state precious metal depositoriesThe bill outlines custody, insurance and liquidation of state-owned crypto assets. It was passed 75-38 with bipartisan support and will now be considered in the Senate.

If passed, it would pave the way for BTC and gold to be considered as assets that could be added to the state fund of North Carolina. Specifically, the House approval will take North Carolina a step closer to adding Bitcoin to the state’s wealth holdings.

This is a very important step towards more formal approval of #bitcoin in North Carolina.a lot of work behind the scenessaid Dan Speller, Head of Industry for the Blockchain Association.

Mr Spler said HB721 This is the second time a bill promoted by the North Carolina Blockchain Initiative has received bipartisan support at the 2023 General Assembly.

In early May, the House of Representatives unanimously passed bill HB690, which would ban the use of central bank digital currencies (CBDCs) in intrastate payments. The bill also prohibits North Carolina from participating in CBDC testing.

Global CBDC situation

Recent research Indicated It reveals that 130 countries around the world are in various stages of development towards central bank-issued digital currencies. According to the Atlantic Council, a US-based think tank, these countries include all G20 members.

As highlighted here, China’s CBDC trials are ongoing, with support from the country’s major banks. Meanwhile, India and Brazil plan to launch versions in 2024.

The European Central Bank is also considering starting a digital euro experiment, and the UK is considering a “Britcoin” project. In the U.S., CBDC efforts are only progressing at the interbank level, leaving the retail digital dollar all but dead.

By Jules

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