A bill that would see the North Carolina Treasurer study the feasibility and benefits of the state holding Bitcoin (BTC) has been approved by the lower house of the state legislature.
On June 28, the Chamber approved the bill that it would commission a $50,000 study to examine "acquiring, securely storing, insuring, and liquidating" both gold bullion and "virtual currency." [...] like bitcoin."
The study would investigate what impact gold and cryptocurrency holdings would have if North Carolina held some of its funds in cryptocurrency and gold.
Specifically, it would investigate whether such holdings would be a hedge against inflation and "systemic credit risks" along with whether gold and cryptocurrencies could reduce volatility and increase returns in your portfolio.
Other #From two political parties Victoria in NC with HB721 approval | #Bitcoin/#Digital resources/Custody Law Study
-Approved 75-38
-GOP + Dems joined
-Direct/Funds @NCTreasurer Study Benefits of #BTC + #Custody
-Directed by @NC_Blockchain + @SoundMoneyDefhttps://t.co/0veKPZlbVJ pic.twitter.com/nNYUbfmJd1
โ Dan Spuller (@DanSpuller) June 28, 2023
The bill considers the possibility of creating a state-run cryptocurrency repository that would see North Carolina as the custodian of its virtual assets.
However, the study would examine the costs and benefits of using a "privately managed repository or another state's repository."
The 120-member Chamber approved the bill with 73 in favor, 40 against and seven absent.
The bill must pass the Senate before it can be signed into law or vetoed by Gov. Roy Cooper.
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On May 3, the North Carolina House unanimously approved a bill that would ban payments to the state using a central bank digital currency (CBDC).
The bill provided that the Federal Reserve would also be prohibited from using North Carolina to test any future CBDC pilot.
The day before, on May 2, the Buncombe County Board of Commissioners in North Carolina approved a one-year moratorium on crypto mining.
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