North Carolina Senate Overrides Governor's Veto on Anti-CBDC Bill

by Giorgi Kostiuk

2 years ago

Made with AI

North Carolina Senate Blocks Digital Currency Testing
Federal Reserve Maintains Stance on Digital Currencies
Industry Reactions and Opinions

The North Carolina Senate voted on Monday, September 10th, to pass an anti-central bank digital currency (CBDC) bill, overriding Governor Roy Cooper's veto.

North Carolina Senate Blocks Digital Currency Testing

The North Carolina Senate voted to pass a bill aimed at preventing the state from participating in any central bank digital currency (CBDC) testing. The majority of votes in the North Carolina Senate supported this action to safeguard the public from perceived risks associated with the Federal Reserve's testing of new digital assets.

Federal Reserve Maintains Stance on Digital Currencies

The bill passed by the Senate follows the trend of anti-CBDC legislation in the US, which began with the passing of the Central Bank Digital Currency Anti-Surveillance State Act in May. The Federal Reserve previously stated that it had not made a final decision on pursuing the use of a CBDC but had considered the idea as evidenced by its report on the pros and cons of CBDCs.

Industry Reactions and Opinions

The decision by the North Carolina Senate was supported by several industry figures who stated that the Federal Reserve should develop digital currencies in a manner that aligns with the law while protecting users' rights.

This bill should have never been vetoed, and @NC_Governor blew an opportunity to send a strong message to the @FederalReserve that NC stands united against #CBDCsDan Spuller, Head of Industry Affairs, Blockchain Association

The passing of the bill in the North Carolina Senate raises questions about the state's involvement in Federal Reserve digital currency testing initiatives and reflects broader trends in digital asset regulation in the US.

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