North Carolina Explores Holding Bitcoin
The U.S. state of North Carolina is taking steps to explore the possibility of holding bitcoin. House Bill 721 (HB721) has been introduced, which allocates $50,000 for a study on three key areas relating to virtual currency. The bill aims to examine the process of acquiring, storing, insuring, and liquidating virtual currency, as well as the potential impact of allocating a portion of the state’s general fund to bitcoin. It also considers the costs, benefits, and security of utilizing a privately managed depository or creating a state-administered depository for virtual currency.
Key Points:
– North Carolina has introduced House Bill 721 to study the feasibility of holding bitcoin.
– The bill appropriates $50,000 for the study, which will focus on three key areas.
– The study will examine the process of acquiring, storing, and liquidating virtual currency.
– It will also evaluate the impact of allocating a portion of the state’s general fund to bitcoin.
– The study will consider the costs, benefits, and security of utilizing a privately managed or state-administered depository for virtual currency.
Dan Spuller, senior director of Industry Affairs at Blockchain Association, has praised this development as an important step towards acknowledging bitcoin in North Carolina. Initially, the bill did not include digital assets or bitcoin, but after Spuller’s testimony in support of their inclusion, the bill was amended. The NC Department of State Treasurer is required to report the study’s results and provide recommendations by Jan. 1, 2024. The bill has passed the NC House and is currently under review by the NC Senate’s Committee on Rules and Operations.
Hot Take:
North Carolina’s exploration of holding bitcoin signals a growing acceptance and recognition of cryptocurrencies as legitimate assets. By studying the feasibility and potential benefits of incorporating bitcoin into the state’s financial system, North Carolina is positioning itself as a progressive leader in embracing the digital economy. If successful, this initiative could pave the way for other states to follow suit and further integrate cryptocurrencies into traditional financial systems.
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