North Carolina’s CBDC ban bill heads to governor’s desk
North Carolina’s General Assembly on Wednesday passed a bill restricting the state’s government from using and accepting a Federal Reserve-issued central bank digital currency (CBDC).
House Bill 690 now heads to Governor Roy Cooper for approval after the state’s House passed the bill a 109-4 vote on June 26 — a day after the Senate passed the bill in a 39-5 vote.
If Cooper signs the bill into law, it would immediately bar the state’s agencies and courts from accepting “payment using central bank digital currency.”
It would also ban them from participating in CBDC tests “by any Federal Reserve branch.”
The bill’s passing comes the same week as Louisiana Governor Jeff Landry signed a similar bill into law that banned the state’s government from accepting or participating in a CBDC.
Louisiana’s bill also included a provision that ensured a right to self-custody crypto.
The North Carolina bill’s wide support means if Cooper decides to veto, it could easily be overridden as it has support from over three-fifths of lawmakers in both chambers.
Cooper’s office did not immediately respond to a request for comment on his plan for the bill.
Fed Chair Jerome Powell said at a federal Senate Banking Committee hearing in March that the U.S. was “nowhere near recommending or let alone adopting a central bank digital currency in any form.”
Related: CBDC privacy concerns and ‘lack of purpose’ stall progress: 4 out of 167 live
Despite that, the U.S. House passed a bill last month to ban the Fed from offering a CBDC, which now heads to the Senate.
A June 14 Bank for International Settlements (BIS) poll found 94% of surveyed central banks are exploring a CBDC, with the organization saying it’d seen a “sharp uptick” in wholesale CBDC experiments and pilots.
The BIS said that in the next six years, a central bank is more likely to issue a wholesale CBDC than a retail CBDC — the latter being for everyday users.
However, it added that “many CBDC features are still undecided.”
Magazine: Unstablecoins — Depegging, bank runs and other risks loom
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Rachel Reeves says UK trade ties with Europe ‘even more important’ than the US
Share link:In this post: UK Chancellor Rachel Reeves suggested that Britain’s trade connections with the EU are more important than with the US. The chancellor said that getting closer to the EU on trade matters is of higher priority despite her current focus on negotiations with the Trump administration. She also noted that it is important for the UK to rebuild its trading relationships with its immediate neighbors in Europe.
Nike sued over abrupt shutdown of RTFKT NFT unit
Share link:In this post: Nike is being sued by a group of buyers over the sudden shutdown of its NFT unit, RTFKT, in December 2024. Plaintiffs claim they lost money because their Nike-themed NFTs dropped in value after the shutdown. The group seeks over $5 million in damages under various state consumer protection laws.

Federal Reserve eases restrictions on crypto banking rules

SEC chair outlines plan to revise crypto rules

Trending news
MoreCrypto prices
More








