North Carolina House Unanimously Bans Central Bank Digital Currencies

Key Legislative Decision

The House of Representatives in North Carolina has made headlines by unanimously passing House Bill 690, which disallows the use of central bank digital currencies (CBDCs) for any state payments. On May 3, in a clear show of bipartisan support, 118 members voted in favor of the bill, while two representatives were absent. Interestingly enough, not a single soul opposed this measure.

Details of House Bill 690

This bill aims to amend existing statutes to explicitly prevent any state agency or judicial court from accepting payments in CBDCs. Furthermore, it prohibits the Federal Reserve from using North Carolina as a pilot location for testing its digital dollar. Talk about a strong stance in the face of digital currency temptation!

A Legislative Journey

The road to passing this legislation was swift, starting from its introduction in April. After some time in committee purgatory, it finally made its way to full readings and subsequent voting. It appears lawmakers were eager to get this digital currency ban on the books.

The Political Landscape

As the nation gears up for the 2024 elections, opposition to CBDCs seems to be gaining traction. Florida Governor Ron DeSantis has been vocal about his opposition, decrying CBDCs as tools for surveilling Americans. He’s not alone; U.S. figures like Representative Tom Emmer and Senator Ted Cruz are also championing bills aimed at reigning in the Fed’s influence over digital currencies. Meanwhile, presidential hopeful Robert F. Kennedy Jr. warns that CBDCs could lead to financial oppression. A trend is brewing, and folks are paying attention!

Next Steps for the Bill

The fate of House Bill 690 now lies in the hands of the North Carolina Senate. If they give it the green light, it will then reach Governor Roy Cooper’s desk for signature or veto. Will it pass smoothly through the Senate gauntlet, or are there hurdles yet to come?

A Broader Context

The pushback against CBDCs doesn’t stop with North Carolina. For instance, the Buncombe County Board of Commissioners recently approved a one-year moratorium on crypto mining, signaling that regional authorities are also keen to tread carefully in the digital finance arena. As we see more local and state-level measures, it raises the question: are CBDCs kryptonite for crypto, or just part of the evolving financial landscape?