- The relevant bill was passed by the House of Representatives on Wednesday.
- Then it will be considered in the Senate, and then it must receive the approval of the governor
- The bill is aimed at studying the prospects and possible risks from creating a depositary vault in BTC or real gold
On Wednesday, June 28, the North Carolina House of Representatives passed bill H721. The initiative provides for a comprehensive study of the acquisition, storage and liquidation of both gold and virtual assets, with an emphasis on BTC.
The authorities will allocate $50,000 for this. The purpose of the study is to assess the potential risks to the traditional financial system and budget if the state diverts part of its savings into gold or bitcoin.
The bill passed by a significant margin, 75 to 38. It is noteworthy that the initiative received support from both Republicans and Democrats.
The bill will then go to the Senate. If it is approved there as well, the bill gets on the table to the governor. Dan Spuller of the US Blockchain Association highly appreciates the chances that the initiative will still be accepted.
Why is this research needed? In addition to economic benefits, it is also about hedging investment risks.
Notably, North Carolina is one of the states where the authorities oppose the digital dollar. In early May, the Senate passed a bill that would ban any payments to the government in CBDCs, from fines to taxes.