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The North Carolina House of Representatives has voted unanimously in favor of a bill banning the acceptance of central bank digital currencies (CBDCs) by government entities.
The legislation follows a wave of vocal opposition to CBDCs from the Republican Party, alongside some critics on the Democratic side.
North Carolina Rejects CBDCs
THE vote on May 3, 118 members of the House agreed to pass House Bill 690, while only two members abstained and none voted against.
Along with the acceptance ban, the bill would also prohibit the state from participating in Federal Reserve branch testing of a potential CBDC.
The bill was originally introduced in the House in April and titled “LAW TO PROHIBIT CRYPTOCURRENCY PAYMENTS TO THE STATE,” but was amended on May 2 to replace the word “cryptocurrency” with “bank digital currency.” central”. The latter is defined as “a digital currency, digital medium of exchange, or digital monetary unit of account issued by the United States Federal Reserve System or a federal agency that is made available directly to a consumer by these entities”.
After three House readings and successful passage, the legislation must now pass through the Senate and then Governor Roy Cooper before it can be signed into law.
North Carolina not first to oppose CBDCs: Florida governor Ron DeSantis called on the state legislature to ban the use of CBDC as a currency under Florida’s Uniform Commercial Code last March. At the time, he criticized CBDCs for providing the government with “a direct view into all consumer activity” that could be used to “cut off access to goods and services” like China’s digital yuan.
Republican congressmen, including Tom Emmer and Ted Cruz have also attempted to introduce federal legislation banning central bank implementation of CBDCs, calling them an invasion of privacy. Former and current Democratic presidential candidates – Tulsi Gabbard And Robert Kennedy Jr. respectively – have made claims to a similar effect over the past month.
Ban bitcoin mining
The Buncombe County Board of Commissioners in North Carolina also approved a one-year moratorium on Bitcoin mining on Tuesday, due to concerns about the noise and pollution these facilities create.
Democratic politicians have frequently opposed Bitcoin mining for its contribution to greenhouse gas emissions. The Biden White House released a blog post this week, calling on Congress to pass a 30% tax on the Bitcoin mining industry to make it pay for its “societal harms”.
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