House Bill 690: Unanimous Approval
The North Carolina House of Representatives has passed House Bill 690, which prohibits the use of central bank digital currencies (CBDCs) for payments to the state and bars the Federal Reserve from conducting CBDC pilot tests in the state. The bill received unanimous approval from 118 representatives, with only two members absent.
Legislative Push Against CBDCs
The bill was initially introduced in April and has since gained traction in North Carolina’s political sphere. This move is part of a broader trend against CBDCs ahead of the 2024 U.S. elections. Florida Governor Ron DeSantis and other prominent politicians have called for nationwide CBDC bans, claiming they’re a tool for surveillance and control.
Federal Efforts to Restrict CBDCs
U.S. politicians like Representative Tom Emmer and Senator Ted Cruz have introduced bills aiming to restrict or ban CBDCs at the federal level. Presidential hopeful Robert F. Kennedy Jr. has also expressed concerns, stating that CBDCs could lead to financial slavery and political tyranny.
Next Steps for the Bill
The bill will now move to the North Carolina Senate, where it must pass before being signed into law or vetoed by Governor Roy Cooper. In related news, the Board of Commissioners for North Carolina’s Buncombe County recently approved a one-year moratorium on cryptocurrency mining.
As the North Carolina House of Representatives unanimously passes House Bill 690, the spotlight shifts to the Senate, where the fate of the bill will be decided. The proposed ban on CBDC payments and testing in the state reflects a growing concern among U.S. politicians about the potential implications of digital currencies on privacy and financial freedom. Regardless of the outcome, this legislation and similar efforts at the federal level signal a wider debate about the role of CBDCs in the U.S. financial landscape and their impact on the nation’s economy and citizens’ rights.