North Carolina House Passes Bill Prohibiting State Payments With CBDCs

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Now head­ed to the state Sen­ate, HB690 rec­ti­fies lan­guage that pre­vi­ous­ly encom­passed Bit­coin in its goal of restrict­ing CBDC usage.

The North Car­oli­na House of Rep­re­sen­ta­tives has unan­i­mous­ly passed House Bill 690, which pro­hibits the use of cen­tral bank dig­i­tal cur­ren­cies (CBDC) for pay­ments to the state or any par­tic­i­pa­tion by the state in Fed­er­al Reserve branch test­ing of CBDC. The bill is now head­ed to the state Sen­ate, where it is expect­ed to be approved as well.

The lat­est ver­sion of the bill replaces the term “cryp­tocur­ren­cy” with “cen­tral bank dig­i­tal cur­ren­cy,” which 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. 

This new edi­tion came after law­mak­ers seem­ing­ly mis­tak­en­ly first intro­duced the bill with lan­guage that would encom­pass bit­coin as well. The bill also pro­hibits any state agency or the Gen­er­al Court of Jus­tice from accept­ing pay­ments using CBD­Cs and from par­tic­i­pat­ing in any test of a CBDC by any Fed­er­al Reserve branch.

Dan Spuller, Direc­tor of Indus­try Affairs at the Blockchain Asso­ci­a­tion, explained to Bit­coin Mag­a­zine how the bill could serve as a mod­el for oth­er states, includ­ing Ten­nessee and Vir­ginia. He also expressed his sup­port for Bit­coin, stat­ing that “any bill that is anti-CBDC is pro-Bit­coin.” Spuller added that the bill’s lan­guage aimed to keep things “fair­ly sim­ple, to the point and effective.”

The bill received unan­i­mous approval from the North Car­oli­na House of Rep­re­sen­ta­tives, with a vote of 118–0. After the bill heads to the state Sen­ate, if approved, it will need to be signed into law by the governor.

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