General Assembly approves bill for North Carolina to conduct Bitcoin research
A bill for North Carolina’s Department of State Treasurer to research the benefits of the state holding Bitcoin has been approved in lower house of General Assembly, as stated by Cointelegraph.
According to Cointelegraph, on June 28, 2023, the bill was passed in North Carolina House of Representatives to ensure a $50,000 funding for the project. It’s believed that the study would explore how gold and cryptocurrencies would affect North Carolina, with regard to crypto and gold backed funds.
Based on Cointelegraph’s data, the study’s aim would be to see if crypto and gold oriented funds would hedge against inflation and “systemic credit risks,” along with their potential to counter volatility and enhance state’s portfolio returns. Reportedly, the bill will try to convert North Carolina as the custodian of its digital asset holdings, and assess costs and benefits of using a “privately managed depository or another state’s depository.”
Moreover, Cointelegraph noted that the 120-member House authorised the bill, with 73 for, 40 against and seven absent. Sources suggest that the bill must go through the senate, before getting drafted into a law or vetoed by Governor Roy Cooper. It’s also been specified in the bill that United States Federal Reserve wouldn’t be able to use North Carolina for any more pilot central bank digital currency (CBDC) projects.
(With insights from Cointelegraph)