North Carolina lawmakers approve bill to study state adoption of Bitcoin.

  • The “State Precious Metals Depository Study” bill received bipartisan support and passed 75-38.
  • If the bill is passed, North Carolina could consider adding Bitcoin to its State Treasury.
  • In May, the house voted for another bill that aims to prohibit CBDCs in the state.

North Carolina’s lower house has passed a bill that could lead to a study on the potential benefits of the state’s Department of State Treasury adopting Bitcoin.

📢 Another #Bipartisan Victory in NC w/ passage of HB721 | #Bitcoin / #DigitalAssets / Custody Study Bill

– Passed 75-38 – GOP + Dems 🤝 Came Together – Directs/Funds @NCTreasurer to Study Benefits of #BTC + #Custody – Led by @NC_Blockchain + @SoundMoneyDef

📎 https://t.co/0veKPZlbVJ pic.twitter.com/nNYUbfmJd1

– Dan Spuller (@DanSpuller) June 28, 2023

North Carolina seeks to add BTC to treasury

The “State Precious Metals Depository Study” bill outlines the custody, insurance, and liquidation of crypto assets held by the state. It passed 75-38 with bipartisan support and will now be discussed in the Senate.

If passed, it will pave the way for BTC and gold to be considered as assets that can be added to North Carolina’s funds. Specifically, the approval by the house brings North Carolina one step closer to adding Bitcoin to the state’s holdings.

“This is a very important step towards a more formal recognition of #bitcoin in North Carolina. Lots of behind-the-scenes work,” said Dan Spuller, Head of Industry Affairs at Blockchain Association.

Spuller noted that the passage of HB721 marks the second time a bill supported by the North Carolina Blockchain Initiative has received bipartisan support in the General Assembly in 2023.

In early May, the house unanimously passed HB690, a bill that prohibits the use of central bank digital currencies (CBDCs) in payments in the state. The bill also prohibits North Carolina from participating in any CBDC testing.

The state of CBDCs globally

A recent survey showed that 130 countries around the world are in various stages of developing a central bank-issued digital currency. According to the US-based think tank Atlantic Council, these countries include all G20 members.

As highlighted here, China’s CBDC pilot program is ongoing and has the support of the country’s major banks. Meanwhile, India and Brazil are set to launch their own versions in 2024.

The European Central Bank is also considering starting a pilot for the digital euro, and the UK is exploring its “Britcoin” project. In the US, work on a CBDC is progressing only for its use at the bank-to-bank level, with the retail digital dollar largely stagnant.

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