North Carolina House passes bill to commission study on holding Bitcoin

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<p>A bill that would see North Carolina’s Department of State Treasurer study the feasibility and benefits of the state holding Bitcoin (BTC) has passed the lower house of the General Assembly.</p>
<p>On June 28, the North Carolina House of Representatives passed the bill which would commission a $50,000 study to examine “acquiring, securely storing, insuring, and liquidating” both gold bullion and “virtual currency […] such as Bitcoin.”</p>
<p>The study would investigate what impact gold and cryptocurrency holdings would have if North Carolina held part of its funds in crypto and gold.</p>
<p>Specifically, it would research if such holdings would hedge against inflation and “systemic credit risks,” and if gold and crypto could reduce volatility, increasing the state’s portfolio returns.</p>
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<p lang="en" dir="ltr"> Another <a href="https://twitter.com/hashtag/Bipartisan?src=hash&amp;ref_src=twsrc%5Etfw">#Bipartisan</a> Victory in NC w/ passage of HB721 | <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>/<a href="https://twitter.com/hashtag/DigitalAssets?src=hash&amp;ref_src=twsrc%5Etfw">#DigitalAssets</a>/Custody Study Bill</p>
<p>-Passed 75-38<br />-GOP + Dems Came Together<br />-Directs/Funds <a href="https://twitter.com/NCTreasurer?ref_src=twsrc%5Etfw">@NCTreasurer</a> to Study Benefits of <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> + <a href="https://twitter.com/hashtag/Custody?src=hash&amp;ref_src=twsrc%5Etfw">#Custody</a><br />-Led by <a href="https://twitter.com/NC_Blockchain?ref_src=twsrc%5Etfw">@NC_Blockchain</a> + <a href="https://twitter.com/SoundMoneyDef?ref_src=twsrc%5Etfw">@SoundMoneyDef</a></p>
<p>https://t.co/0veKPZlbVJ <a href="https://t.co/nNYUbfmJd1">pic.twitter.com/nNYUbfmJd1</a></p>
<p>— Dan Spuller (@DanSpuller) <a href="https://twitter.com/DanSpuller/status/1674136730847399943?ref_src=twsrc%5Etfw">June 28, 2023</a></p></blockquote>
<p>The bill mulls potentially creating a state-administered depository for crypto that would see North Carolina as the custodian of its digital asset holdings.</p>
<p>The study would, however, examine the costs and benefits of using a “privately managed depository or another state’s depository.”</p>
<p>The 120-member House passed the bill, with 73 voting in favor, 40 against and seven absent. </p>
<p>The bill must pass the Senate before it’s either signed into law or vetoed by Governor Roy Cooper.</p>
<p><strong><em>Related: </em></strong><strong><em>Yes, the Secret Service has an NFT collection, and no, it’s not for sale</em></strong></p>
<p>On May 3, North Carolina’s House <a href="https://cointelegraph.com/news/north-carolina-house-passes-bill-banning-cbdc-payments-to-the-state">unanimously passed a bill that would prohibit payments to the state using a central bank digital currency (CBDC).</p>
<p>The bill stipulated the United States Federal Reserve would also be barred from using North Carolina to test any future pilot CBDC.</p>
<p>The day before, on May 2, a one-year moratorium on crypto mining was passed by the Board of Commissioners for Buncombe County in North Carolina.</p>
<p><strong><em>Opinion: </em></strong><strong><em>GOP crypto maxis almost as bad as Dems’ ‘anti-crypto army’</em></strong></p>
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