North Carolina Passes Bill to Study Benefits of Bitcoin

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North Carolina’s lower house has passed a bill that could potentially see the state initiate a study into the potential benefits of the state’s Department of State Treasury adopting Bitcoin. The bill, entitled “State Precious Metals Depository Study”, outlines the custody, insurance and liquidation of crypto assets held by the state. It passed with 75-38 votes, with bipartisan support, and is now to be debated in the Senate.

“This is a very important step to a more formal acknowledgement of #bitcoin in North Carolina. Lots of behind the scenes work,” said Dan Spuller, Head of Industry Affairs at Blockchain Association.

The passage of HB721 marks the second time a bill pushed by the North Carolina Blockchain Initiative has received bipartisan support in the General Assembly in 2023. In May, the House voted for another bill that seeks to ban CBDCs (Central Bank Digital Currencies) in the state.

A survey has shown that 130 countries around the world are in various stages of development towards a central bank issued digital currency. These countries include all G20 members. China’s CBDC pilot has received support from the country’s major banks and India and Brazil are set to launch their versions in 2024. The European Central Bank is also looking to begin a pilot for the digital euro and the UK is exploring its “Britcoin” project.

If passed, the bill will open the path for BTC and gold to be considered as assets that can be added to North Carolina’s funds. This would put the state one step towards adding Bitcoin to the state’s holdings. Ultimately, the bill seeks to explore the benefits of BTC and custody.

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