The General Assembly of the U.S. state of North Carolina has approved a bill that prevents the state from participating in the Federal Reserve’s testing of a central bank digital currency ( CBDC). The General Assembly is North Carolina’s legislative body, comprising two chambers: the House of Representatives and the Senate. The bill passed with significant majorities: 109-4 in the House and 39-5 in the Senate. “House Bill 690 would prohibit a State agency or the General Court of Justice from accepting a payment using central bank digital currency, or from participating in any test of central bank digital currency by any Federal Reserve branch,” a Senate committee described. The bill now awaits the governor’s signature. According to State Senator Brad Overcash, the legislation is intended to discourage the federal government from pursuing a CBDC.
North Carolina Passes Bill to Block State Participation in Federal CBDC Testing
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