North Carolina General Assembly Rejects CBDCs Amid Privacy Concerns

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North Carolina General Assembly Takes Bold Action Against CBDCs

The North Carolina General Assembly has taken a significant step by approving a bill that would prevent the state from adopting monetary digital currency issued by the US Federal Reserve, despite Governor Roy Cooper’s veto. The bill, House Bill 690, was passed by the House of Representatives with a vote of 73-41 in early August, marking alterations to existing regulations and safeguarding efforts for digital assets, including CBDCs.

The Senate later confirmed Governor Cooper’s veto with another 27-17 vote on September 9, solidifying its passage. The bill was initially backed by 12 Democratic senators, but the Governor later vetoed. House Bill 690’s success is indicative of the state’s receptiveness towards a federally created CBDC. While the federal government is working to establish standards and safeguards for digital assets, North Carolina is taking fewer steps.

The federal government is also opposing the idea of a CBDC, as evidenced by the passing of the CBDL Anti-Surveillance State Act by members of Congress in May. A bill similar to Senator Ted Cruz’s proposal was introduced in the Senate, indicating that lawmakers are increasingly concerned about the potential consequences of a CBDC.

Federal Reserve Chair Jerome Powell has also expressed their disappointment with the lack of any immediate plans for implementing a CBDC, pointing out that the introduction of a CBDC would require approval from Congress, which is now being challenged by lawmakers who are increasingly skeptical of the proposal due to concerns about privacy and surveillance.

Advocates of the bill contend that a CBDC could compromise individual privacy and grant the federal government unrestricted authority over the financial system. Furthermore, there are concerns about the potential risks of cyber attacks and central banking influence in the country.

North Carolina’s General Assembly is taking a proactive approach to limit these risks by authorizing the state to adopt fewer than five CBDCs, and its recent passage of House Bill 690 marks an important step in confronting questions about the role of digital currencies in the United States financial system.

North Carolina is among the states that are opposing the idea of a CBDC. This move could have significant implications for the future development of digital currencies in the US, as it may require the federal government to reconsider its approach to digital assets.

To learn more about the implications of CBDCs on individual privacy and the financial system, read our article: “CBDCs: The Concerns Over Privacy and Surveillance”.

To sum up, North Carolina General Assembly’s decision to block an application for implementation of a CBDC represents another major departure from federal standards-and-protection-for-digital assets. As the discussion carries on, one thing is certain: The future of CBDCs in the United States will be marked by controversy and disagreement.