- State considers investing in cryptocurrencies as a hedge against inflation
- Legislators also pay attention to metal ingots
North Carolina House of Representatives successfully voted for a bill to allow the inclusion of cryptocurrencies in the state treasury. Lawmakers decided to include virtual currencies in the bill during its consideration earlier this month, although the first draft focused on bullion.
In total, the bill, called “House Bill 721”, received support from 73 voters, another 40 were against. It requires an investigation by the North Carolina Department of the Treasury into the acquisition, holding and use of investments related to metal bars and virtual currencies, namely Bitcoin.
If House Bill 721 is passed, the Treasury will consider investing in two types of assets. The document writes that virtual assets and metal bars are being considered for “hedge against inflation and systemic credit risks, reduce overall portfolio volatility and increase portfolio returns over time”
Not only the state of North Carolina is showing interest in increasing the role of digital assets. Colorado legalized tax payments from cryptocurrencies last year, although the program has not yet become widespread.
New York and Wyoming have also become leaders in the regulation of cryptocurrencies. New York’s BitLicense program is expected to serve as a model for other states looking to regulate exchanges and brokers, and the system could influence federal policy. In addition, Wyoming has adopted a unique crypto-friendly banking charter, which has attracted more companies to the state. However, banks still have to face problems at the federal level.