The North Carolina Department of State Treasurer Explores Bitcoin and Gold Bullion
The North Carolina Department of State Treasurer has shown interest in Bitcoin and gold bullion by passing a bill for a comprehensive study. The study aims to evaluate the feasibility and benefits of North Carolina holding these assets, including their potential impact on the state’s financial position. The bill received strong support in the House of Representatives and will now proceed to the Senate for consideration.
- The bill allocates $50,000 for a detailed analysis of acquiring, securely storing, insuring, and liquidating gold bullion and virtual currencies like Bitcoin.
- The study will explore whether these investments can act as a hedge against inflation and system credit risks, reducing volatility in the crypto market and increasing portfolio returns.
- If enacted, the bill could lead to the establishment of a state-administered depository for cryptocurrencies, making North Carolina the custodian of its digital currency holdings.
- The costs and benefits of using a privately managed depository or another state’s depository will be analyzed.
Implications and Progressive Steps for North Carolina
If the bill becomes law, North Carolina could become a pioneer in embracing digital currencies. This follows another significant development where the state’s House passed a bill prohibiting payments to the state using central bank digital currency and preventing future pilot tests conducted by the US Federal Reserve in North Carolina. These efforts to understand and explore cryptocurrencies have the potential to pave the way for a more stable and prosperous future in the crypto sector.
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