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On Wednesday (June 26), the North Carolina Senate passed a bill aimed at prohibiting central bank digital currencies (CBDCs) in the state. The legislation now awaits the Governor’s signature to become law.
If enacted, the bill would prevent North Carolina from participating in any Federal Reserve testing of future CBDCs. Additionally, it would bar state agencies and courts from accepting CBDC payments.
The Carolina Journal reports that Senate Bill 690 received overwhelming support, passing with a 109-4 vote. This marks an increase from Tuesday’s 39-5 vote.
Senator Brad Overcash, a proponent of the bill, stated that its purpose is to discourage the federal government from pursuing CBDC implementation. He argued that such a move could potentially undermine the dollar’s status as a major global currency. He said:
This would bar our state agencies or courts from accepting a central bank digital currency, and it would also bar them from participating in a pilot project if one were to be initiated by any of the Federal Reserve Banks. […] This is an important step to the stability of our financial sector and our financial privacy.
Opposition to federal CBDCs
The North Carolina bill aligns with broader national skepticism towards CBDCs. In May, U.S. House Majority Whip Tom Emmer proposed the CBDC Anti-Surveillance State Act, seeking to halt the Federal Reserve’s efforts to develop a digital dollar. The act raised concerns about potential government control over Americans through a CBDC.
Federal Reserve Chair Jerome Powell, speaking at a Senate Banking Committee hearing in March, emphasized that the U.S. is “nowhere near” adopting a CBDC in any form.
Earlier this week, Louisiana quietly enacted House Bill 488, a crypto bill known as the “Blockchain Basics Act” or “Bitcoin Rights” bill. Other than guaranteeing some crypto-related rights, the bill also prohibits CBDC creation.
