The North Carolina House of Representatives passes a bill mandating a study into Bitcoin holdings

A bill that would require the North Carolina State Department Treasurer to examine the feasibility and benefits of state ownership of Bitcoin (BTC) has passed the lower house of the General Assembly.

On June 28, the North Carolina House of Representatives passed legislation that would commission a $50,000 study to examine the “acquisition, safekeeping, insurance and liquidation” of bullion and “virtual currencies.” […] like bitcoin.”

The study would examine the impact gold and cryptocurrency holdings would have if North Carolina held some of its funds in cryptocurrencies and gold.

In particular, it would examine whether such holdings would provide a hedge against inflation and “systemic credit risk” and whether gold and cryptocurrencies could reduce volatility and thus increase government portfolio returns.

The bill considers the possible creation of a state-administered cryptocurrency custodian, which North Carolina would consider the custodian of its holdings of digital assets.

However, the study would examine the costs and benefits of using a “privately managed custodian or another jurisdiction’s custodian.”

The 120-seat House of Representatives passed the bill by 73 votes in favour, 40 against and seven absent.

The bill must pass the Senate before it either goes into effect or Governor Roy Cooper vetoes it.

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On May 3, the North Carolina House of Representatives unanimously passed a bill that would ban payments to the state with a central bank digital currency (CBDC).

The bill stipulated that the Federal Reserve would also be barred from using North Carolina to test future pilot CBDCs.

The day before, on May 2nd, a one-year moratorium on crypto mining was passed by the Board of Commissioners for Buncombe County in North Carolina.

Opinion: GOP crypto maxis are almost as bad as the Democrats’ “anti-crypto army.”

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