North Carolina House Votes in Favor of CBDC Ban

The shunning of CBDCs continues – this time in North Carolina

“The vote on May 3 saw 118 House members agreeing to pass House Bill 690, while just two members abstained from the vote, and none voted against it.

Alongside the acceptance ban, the bill would also prohibit the state from participating in Federal Reserve branch testing of a potential CBDC.

The bill was initially proposed to the House in April titled ‘AN ACT TO PROHIBIT PAYMENTS IN CRYPTOCURRENCY TO THE STATE,’ but was modified on May 2 to substitute the word “cryp’ocurrency’ with ‘central bank digital currency.’ The latter is defined as ‘a digital currency, a digital medium of exchange, or a digital monetary unit of account issued by the US Federal Reserve System or a federal agency that is made directly available to a consumer by such entities.’

After three readings in the House and a successful pass, the legislation now must pass through the Senate, and then through Governor Roy Cooper before it can be signed into law.

North Carolina isn’t the first to oppose CBDCs: Florida governor Ron DeSantis called on the state legislature to ban CBDC use as money within Florida’s uniform commercial code last March. At the time, he blasted CBDCs for providing the government ‘with a direct view over all consumer activities,’ which could be used to ‘cut off access to goods and services’ like China’s digital yuan.”



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