North Carolina Senate Approves Bill to Ban CBDCs
Good news! The US state of North Carolina has taken a significant step towards banning central bank digital currencies (CBDCs). The state’s Senate recently voted in favor of a bill that would prohibit the use of CBDCs within the state. The legislation has now been passed to the Governor’s desk for final approval.
The Implications of the Bill
Here are some key points to note about the bill:
- The bill received a strong majority vote of 109-4 in the Senate.
- It aims to prevent the Federal Reserve from testing any future CBDCs.
- North Carolina agencies and courts would be prohibited from accepting payments in CBDCs.
Senator’s Perspective
Senator Brad Overcash, a proponent of the bill, highlighted the importance of this legislation. He expressed concerns that the introduction of a CBDC could pose a threat to the stability of the US dollar. By passing this bill, North Carolina is sending a clear message to the government that it is not interested in adopting a CBDC.
US Policy Makers Concerned about CBDCs
Other US policy makers have also expressed reservations about the introduction of CBDCs:
- Majority Whip Tom Emmer proposed the CBDC Anti-Surveillance State Act to block the development of a digital dollar.
- Fed Chair Jerome Powell has stated that the US is not yet ready to adopt a CBDC.
Florida’s Stance on CBDCs
It’s worth noting that Florida has also taken a firm stance against CBDCs. Governor Ron DeSantis signed a bill last year that effectively banned the use of CBDCs in the state. This aligns with the broader trend of skepticism towards digital currencies in the US.
Hot Take: The Future of CBDC Regulation
As the debate around CBDCs continues, it’s clear that different states and policymakers have varying opinions on the matter. While some see CBDCs as a potential threat to financial stability and individual freedoms, others view them as a necessary evolution of the monetary system. It will be interesting to see how these differing perspectives play out in the coming months and years.
Sources:
1. Carolina Journal
2. Bill 690
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