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A bill that would require the treasurer of North Carolina to study the feasibility and benefits of the state holding bitcoin (BTC) has passed the lower house of the state legislature.
The House passed it on June 28 Bill The $50,000 study, which will examine the “acquisition, secure storage, insurance and liquidation” of both gold bullion and “virtual currency (…)” such as bitcoin.
The study will examine what would happen to gold and cryptocurrency holdings if North Carolina were to place a portion of its funds in crypto and gold.
Specifically, it will research whether such holdings will hedge against inflation and “systemic credit risk”, as well as whether gold and crypto can reduce volatility and increase returns on its portfolio.
one more #bipartisan Win in NC with passage of HB721 | #bitcoin,#digitalassets/Custody Study Bill
– 75-38 passed
-GOP+Dems come together
-Direction/Fund @NCTreasurer to study the benefits of #B T c , #detention
-led by @nc_blockchain , @SoundMoneyDef– Dan Spuller (@DanSpuller) 28 June 2023
The bill potentially looks into creating a state-administered depository for crypto that would see North Carolina as the custodian of its virtual asset holdings.
However, the study will examine the costs and benefits of using a “privately managed depository or a depository of any other state”.
120 member house pass 73 were in favor of the Bill, 40 in opposition and seven were absent.
The bill must pass the Senate before it can be signed into law or vetoed by Governor Roy Cooper.
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On May 3, North Carolina’s House unanimously passed a bill that would ban payments to the state using central bank digital currency (CBDCs).
The bill stipulated that the Federal Reserve would also be barred from using North Carolina to test any future pilot CBDCs.
A day earlier, on May 2, a one-year moratorium on crypto mining was passed by the Board of Commissioners of Buncombe County in North Carolina.
Opinion: GOP crypto maxis almost as bad as the Dems’ ‘anti-crypto army’
