North Carolina introduces a new bill that legalizes the use of certain digital assets as legal methods of payment and tax payments.
Overview of the Digital Assets Bill
On April 10, North Carolina representative Neal Jackson introduced the Digital Asset Freedom Act. The bill proposes recognizing certain "digital assets" as a legitimate method of payment and for tax payments.
Although the bill's language does not mention Bitcoin directly, it outlines conditions under which BTC could fall within the definition of a digital asset, including a minimum market capitalization of $750 billion and a daily trading volume of over $10 billion, as well as a market history of 10 years.
History of Anti-CBDC Legislation in North Carolina
Former North Carolina Governor Roy Cooper vetoed a bill banning central bank digital currency (CBDC) in July 2024, calling it "premature." However, in August 2024, the North Carolina House of Representatives overrode Cooper's veto in a bipartisan vote of 73-41, and the state Senate followed suit, passing the anti-CBDC legislation in September.
Industry Response to Legislative Initiatives
Dan Spuller, head of industry affairs at the Blockchain Association, praised North Carolina lawmakers for their pushback against CBDCs. He stated, "This bill should have never been vetoed, and Governor Cooper blew an opportunity to send a strong message to the Federal Reserve that NC stands united against CBDCs."
The Digital Asset Freedom Act in North Carolina illustrates the growing recognition and support for digital currency use at the state level, while the fight against CBDCs remains an important topic among local lawmakers.
