North Carolina General Assembly Approves Bitcoin Study

Updated: 20 June 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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The North Carolina House of Representatives has passed a bill to look into the feasibility and implications of holding various assets including Bitcoin.

The bill proposes allocating $50,000 to study the acquisition, secure storage, insurance, and liquidation of gold bullion and other virtual assets like BTC.

TODAY – 🇺🇸 North Carolina House to vote on bill directing treasury to study the process of buying and holding #Bitcoin "to hedge against inflation." pic.twitter.com/ZGiW1EdpRC

— Bitcoin Magazine (@BitcoinMagazine) June 28, 2023

The study would assess whether such holdings would hedge against inflation and systemic credit risks. Additionally, it would examine if these assets (gold and crypto) could minimize volatility and maximize the state’s portfolio returns.

The bill also proposes creating a state-administered depository for crypto that would see North Carolina as the custodian of its digital asset holdings.

The bill must now pass the Senate before it is either signed off or vetoed by Roy Cooper, the Governor.

Change of Heart?

On May 4, the House of Representatives for North Carolina unanimously passed legislation prohibiting payments to the U.S. state using a central bank digital currency (CBDC).

The bill also barred the Federal Reserve from using North Carolina as a potential testing ground for its CBDC pilot.

📢 BREAKING: #NorthCarolina House Unanimously Passes HB690: Banning Payments in #CBDC's & Prohibiting NC Participation in Any CBDC Testing 🚨

📎https://t.co/YoDtAvMyVJ

-Referred to State Senate
-Thank you all who worked on this in record time#NCPOL #Bitcoin #Multistate #Tech pic.twitter.com/ReWJGZ82XB

— Dan Spuller (@DanSpuller) May 4, 2023