The North Carolina House of Representatives Explores Benefits of Bitcoin and Cryptocurrencies
The North Carolina House of Representatives has passed a bill that aims to investigate the potential benefits of Bitcoin and other cryptocurrencies. The bill, titled “State Precious Metals Depository Study,” received 73 votes in favor and has now been referred to the Senate for further consideration.
- The bill commissions a $50,000 study to analyze the benefits of holding digital assets, including Bitcoin, and its potential to hedge against inflation and systemic credit risks.
- The study will also examine if holding virtual currencies by the state can reduce portfolio volatility and increase returns over time.
- The bill emphasizes the need to assess costs, benefits, and security measures related to different depository options, including privately managed depositories or setting up a State-administered depository within North Carolina.
- The Department of State Treasurer will determine the ideal custodian, guardian, and administrator for crypto assets held by the state.
This development follows the recent unanimous vote by the North Carolina House of Representatives to ban the acceptance of Central Bank Digital Currencies (CBDCs) by government entities.
Hot Take: North Carolina House of Representatives Recognizes the Potential of Cryptocurrencies
By passing the bill to investigate the benefits of Bitcoin and cryptocurrencies, the North Carolina House of Representatives demonstrates a growing recognition of the potential advantages of digital assets. The study commissioned by the bill will provide valuable insights into the feasibility and advantages of holding virtual currencies, such as Bitcoin, and help determine the most suitable depository options. This move highlights North Carolina’s proactive approach towards understanding and potentially embracing the emerging world of cryptocurrencies.
By
By
By
By
By
By