North Carolina House of Representatives Passes Bill to Study the Benefits of Holding Bitcoin and How to Store It

Holding bullion and cryptocurrencies

The US House of Representatives of North Carolina passed a bill on the 28th to study the merits of holding bullion and crypto assets (virtual currency) in the state and the establishment of custody and management institutions. Bill H721 will now be considered in the Senate.

BREAKING: North Carolina House passes a bill to study if the state should hold #Bitcoin on its balance sheet. pic.twitter.com/XN725vz1lA

—Dennis Porter (@Dennis_Porter_) June 28, 2023

The bill, titled “State Precious Metal Deposit Study,” calls for state finance departments to investigate the following points regarding gold and other bullion and virtual currencies represented by Bitcoin:

• Bullion and cryptocurrency acquisition, secure holding, insurance and liquidation processes
• Expected Impact of Investing Part of the General Ledger in Bullion and Cryptocurrencies
• Bullion and virtual currency storage management options, their respective costs, advantages, and safety

The bill cites the intent of allocating state funding to bullion and cryptocurrencies to “hedge against inflation and systemic credit risk” and “reduce overall portfolio volatility and increase long-term returns.” there is

Options for custody and management of assets included privately-operated depository institutions, depository institutions managed by other states, and the establishment of state-controlled depository institutions.

The Finance Department will report its findings to the Joint Legislative Committee on Government Management by 1 January 2024.

Influence of Bitcoin proponents

Bitcoin/cryptocurrencies have been added to North Carolina’s “State Precious Metals Deposit Research” bill, according to Dan Spler, Co-Chair of the North Carolina Blockchain Initiative and Executive Director of the Industry Division of the Blockchain Institute of America. It looks like a lot of effort.

He testified before the House of Representatives standing committee on the 15th and reported that he proposed to include digital assets, custody and bitcoin as part of the bill, and the amendment passed unanimously.

1/ In Raleigh this week I tested at the @NCLeg House Standing Committee on State #Gov in support of adding #DigitalAssets #Custody + #Bitcoin to an @NCTreasurer study bill as part of HB721. #approps@NC_Blockchain pic.twitter.com/PeF6j1fgLD

—Dan Spuller (@DanSpuller) June 15, 2023

The North Carolina House of Representatives also unanimously passed a bill in May banning state governments and institutions from accepting payments in Central Bank Digital Currencies (CBDC).

Originally intended to ban cryptocurrency payments, the bill would bar state courts and state-affiliated institutions from accepting CBDC, the digital dollar issued by the Federal Reserve. Content corrected. This amendment was approved by the House of Representatives.

The amendments also bar the state from participating in CBDC trials by Fed chapters.

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

Florida has also spoken out against adopting a CBDC. Florida Governor Ron DeSantis, who has announced his 2024 U.S. presidential run, proposed a law in March that would ban CBDC payments in his state, similar to North Carolina.

Even in Congress, Republicans Sen. Ted Cruz and Rep. Tom Emer last year announced the Fed’s issuance of a CBDC (for individuals ), respectively.

connection:US Senators Introduce Anti-CBDC Bill for Individuals

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