The North Carolina House of Representatives approved a bill allowing the State Treasury to invest in gold and bitcoin.
We did it https://t.co/ZgaSAfnQCg
— North Carolina Blockchain Initiative (@NC_Blockchain) June 28, 2023
The initiative aims to “protect the state’s assets.”
“Many people in the world of cryptocurrencies and also in the world of precious metals know […]that the US government is consistently and knowingly devaluing its currency, — declared Congressman Mark Brody.
After approval by the House of Representatives, the bill will be considered by the Senate and, if approved, by the Governor of North Carolina.
According to the document, the authorities will evaluate how holding digital assets and precious metals will help the Treasury hedge against inflation, reduce portfolio volatility and generate higher returns over time. The bill cites credit risk as a justification for holding bitcoin and gold.
Part of the study will be dedicated to exploring ways to buy, hold and liquidate these asset classes, as well as the feasibility of creating a special body to carry out these tasks.
“The original bill only provided funds for the purchase of gold. During the discussion, many [в Конгрессе] were convinced that they did not have enough knowledge to make a decision. For this reason, the execution will start from the research stage.” Brody explained.
Recall that in May, Texas senators introduced a bill banning the use of the digital dollar in the state.
In parallel, Florida has already adopted a document against the CBDC, which was signed by Governor Ron DeSantis. In his opinion, the law “will protect residents from the administration of the President of the United States, which wants to turn the financial sector into a weapon.”
Later, the United States introduced the “first bipartisan” bill banning Fed issuance of central bank digital currency.
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