North Carolina House Passes Bill to Investigate Holding Bitcoin

North Carolina House of Representatives Approves Bill to Study Possibility of Investing in Gold and Cryptocurrency

A bill that would require North Carolina’s Treasurer to examine the practicality and advantages of the state possessing Bitcoin (BTC) has been approved by the lower house of the state’s legislature.

On June 28th, the House of Representatives approved a bill that will fund a $50,000 study to explore the process of acquiring, protecting, insuring, and liquidating both gold bullion and virtual currencies such as Bitcoin.

This study would look into the effects of North Carolina investing a portion of its assets in gold and cryptocurrency if it were to do so.

Specifically, the research would investigate whether such investments would act as a safeguard against inflation and “systemic credit risks”, as well as whether gold and crypto could reduce volatility and boost returns on the portfolio.

The bill contemplates the possibility of establishing a state-run depository for cryptocurrencies, with North Carolina serving as custodian of its digital asset holdings.

The research, however, will assess the pros and cons of utilizing a “privately managed depository or another state’s depository.”

The House, consisting of 120 members, voted in favor of the bill with 73 in support, 40 against, and seven absent.

The bill must be approved by the Senate before Governor Roy Cooper can either sign it into law or veto it.

North Carolina Legislation on Crypto Mining and Central Bank Digital Currencies

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On May 3, North Carolina’s House of Representatives unanimously approved a bill that would prevent payments to the state using a Central Bank Digital Currency (CBDC).

The bill specified that the Federal Reserve would be prohibited from utilizing North Carolina for the testing of any potential central bank digital currency (CBDC) initiatives.

On May 2 of the preceding day, the Board of Commissioners for Buncombe County in North Carolina voted to enact a one-year moratorium on crypto mining.

Opinion: The crypto policies of the GOP are almost as detrimental as the Democrats’ “anti-crypto army”.