North Carolina General Assembly Approves Bitcoin Study

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The North Carolina House of Representatives has passed a bill to look into the feasibility and implications of holding various assets including Bitcoin.

The bill proposes allocating $50,000 to study the acquisition, secure storage, insurance, and liquidation of gold bullion and other virtual assets like BTC.

 

The study would assess whether such holdings would hedge against inflation and systemic credit risks. Additionally, it would examine if these assets (gold and crypto) could minimize volatility and maximize the state’s portfolio returns.

The bill also proposes creating a state-administered depository for crypto that would see North Carolina as the custodian of its digital asset holdings.

The bill must now pass the Senate before it is either signed off or vetoed by Roy Cooper, the Governor.

Change of Heart?

On May 4, the House of Representatives for North Carolina unanimously passed legislation prohibiting payments to the U.S. state using a central bank digital currency (CBDC).

The bill also barred the Federal Reserve from using North Carolina as a potential testing ground for its CBDC pilot.

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