The North Carolina House Votes In Favor Of CBDC Ban
After Florida, another state doesn’t want to use or try CBDCs.
The North Carolina House of Representatives passed unanimously in favor of a bill that would stop government agencies from taking Central Bank Digital Currencies (CBDCs).
The bill comes after many Republicans and some Democrats spoke out against CBDCs.
North Carolina says no to CBDCs
On May 3, 118 members of the House decided to pass House Bill 690. Only two members didn’t vote at all, and no one voted against it.
Along with making it illegal to accept CBDC, the bill would also make it illegal for the state to take part in Federal Reserve branch tests of a possible CBDC.
In April, the House was given a bill called “AN ACT TO PROHIBIT PAYMENTS IN CRYPTOCURRENCY TO THE STATE,” but on May 2, the word “cryptocurrency” was changed to “central bank digital currency.” The latter is described as “a digital currency, digital medium of exchange, or digital monetary unit of account issued by the US Federal Reserve System or a federal agency that is made directly available to a consumer by such entities.”
After three readings and a good vote in the House, the bill must now pass through the Senate and then be signed into law by Governor Roy Cooper.
North Carolina isn’t the first state to be against CBDCs. In March, Florida Governor Ron DeSantis asked the state lawmakers to stop CBDCs from being used as money in the state’s uniform commercial code. At the time, he criticized CBDCs because they gave the government “a direct view over all consumer activities,” which could be used to “cut off access to goods and services” like China’s digital yuan.
Republican congressmen like Tom Emmer and Ted Cruz have also tried to get federal laws passed that would stop the central bank from using CBDCs, calling them an invasion of privacy. In the past month, both Tulsi Gabbard and Robert Kennedy Jr., who are running for the Democratic presidential nomination, have made similar claims.
Banning Bitcoin Mining
The Buncombe County Board of Commissioners in North Carolina also voted on Tuesday to ban Bitcoin mining for a year because of noise and pollution worries.
Democrats have often been against Bitcoin mining because it adds to greenhouse gas emissions. This week, a blog post from the Biden White House asked Congress to pass a 30% tax on the Bitcoin mining business to make it pay for the “harms” it causes to society.
