North Carolina has introduced the Digital Asset Freedom Act, which recognizes digital assets as a legal payment method, including for tax payments.
Digital Asset Freedom Act
The bill, presented by Representative Neal Jackson, recognizes certain digital assets as legally accepted forms of payment. This move aligns with the growing interest among U.S. states to utilize digital assets as a hedge against inflation.
Bitcoin’s Role in Economic Stability
While the bill does not explicitly mention Bitcoin, its provisions seem designed to encompass this cryptocurrency. To qualify as a 'digital asset,' it must meet certain criteria such as a market capitalization of at least $750 billion and a history of over 10 years. The act emphasizes the significance of decentralized assets that are not governed by any central authority.
Comparison with Other States
States like Florida are also taking steps to incorporate digital assets into their financial strategies. Florida’s Bitcoin Reserve Bill has already passed significant hurdles, potentially allowing the state to invest public funds in Bitcoin.
The Digital Asset Freedom Act in North Carolina could be a significant step towards legitimizing digital assets in the U.S. and influencing other states.
