North Carolina Bans State Implementation of Federal Reserve's CBDC
- North Carolina's General Assembly passes bill banning state from implementing a US Federal Reserve-issued CBDC.
- Senate overrides Governor Cooper's veto with a 27-17 vote in favor.
- Bill prohibits state from accepting CBDCs as payment and participating in future CBDC tests.
- 12 Democrats flip their position to support Cooper's veto.
- Cooper's office has not responded to the bill's passing.
- Federal Reserve Chair Powell states US is not recommending or adopting a CBDC.
Summary :
North Carolina's General Assembly has passed a bill banning the state from implementing a central bank digital currency (CBDC) issued by the United States Federal Reserve. The bill was passed after the Senate overrode Governor Roy Cooper's veto with a 27-17 vote. The legislation prohibits the state from accepting CBDCs as a form of payment and participating in future CBDC tests conducted by any Federal Reserve branch. Cooper's veto was initially overturned by the House in August. However, the Senate vote was much closer, with 12 Democrats who initially supported the bill flipping to support Cooper's veto. Not a single Senate Democrat voted to pass the bill this time. Some analysts and industry experts expressed disappointment with the outcome, stating that the veto missed an opportunity to send a message to the Federal Reserve. The Federal Reserve has been researching CBDCs, but its Chair, Jerome Powell, has stated that there are no immediate plans to adopt a US-issued CBDC. Despite this, the US House passed the CBDC Anti-Surveillance State Act in May, and a companion bill has been introduced to the Senate.
Sources :
- CoinTelegraph
