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A bill that would see the North Carolina Treasurer explore the feasibility and benefits of public ownership of Bitcoin (BTC) has been passed by the state’s lower house.
On June 28, the House of Representatives passed a bill that would conduct a $50,000 study to study the “acquisition, safekeeping, insurance and liquidation” of both gold bars and “virtual currency”. […]like bitcoin.
The study will examine what impact gold and crypto holdings will have if North Carolina holds some of its funds in crypto and gold.
In particular, he will explore whether such assets will be a hedge against inflation and “systemic credit risks”, and whether gold and cryptocurrencies can reduce volatility and increase their portfolio returns.
— Dan Spuller (@DanSpuller) June 28, 2023
The bill is looking at the potential creation of a government-run cryptocurrency depository with North Carolina as the custodian of its virtual assets.
However, the study will look at the costs and benefits of using a “private or foreign depository”.
The 120-member House of Representatives passed the bill: 73 in favour, 40 against and seven absent.
The bill must pass the Senate before it is signed or vetoed by Gov. Roy Cooper.
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On May 3, the North Carolina House of Representatives unanimously passed a bill banning payments to the government using 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 project.
On the eve of May 2, the Buncombe County Board of Commissioners in North Carolina introduced a one-year moratorium on cryptocurrency mining.
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