- The House of Representatives passed the bill on Wednesday
- Then it will be considered in the Senate, and then it must be approved by the governor
- The bill seeks to examine the prospects and possible risks of a BTC or real gold depository
On Wednesday, June 28, the North Carolina House of Representatives passed bill H721. The initiative provides a comprehensive study of the acquisition, storage and liquidation of both gold and virtual assets with a focus on BTC.</nbsp;
The authorities will allocate $50,000 for this. The purpose of the study is to assess the potential risks to the traditional financial system and the budget if the state channels some of its savings into gold or bitcoin.
The bill passed by a significant margin, 75 to 38. Notably, the initiative received support from both Republicans and Democrats.
Further on, the bill will go to the Senate. If it is approved there as well, the bill goes to the governor’s desk. Dan Spuller of the U.S. Blockchain Association estimates the chances of the initiative still being passed.
What is the purpose of this study? In addition to the economic benefits, it’s also about hedging investment risks.
It’s notable that North Carolina is among the states where authorities oppose the digital dollar. In early May, the Senate passed a bill that banned all payments to the state at CBDC, from fines to taxes.
In early May, the Senate passed a bill that banned all payments to the state at CBDC.