North Carolina Latest to Pass Anti-CBDC Bill, Overturns Governor’s Veto

North Carolina’s legislators have enacted a bill outlawing interference with Federal Reserve’s CBDC experiments by outveting Governor Roy Cooper. While the payments through CBDC are now prohibited at the state level and states’ participation in testing CBDC, the bill is in line with increases in digitally based anti-cryptocurrency legislation.

North Carolina has recently passed a major anti-CBDC bill, which was done despite veto by the Governor Roy Cooper. This is in direct contrast to the Federal Reserve’s attempts at investigating Central Bank Digital Currencies (CBDCs).

In a rather surprising decision that might have come as a shock to many, the North Carolina General Assembly approved the measure.

On Monday North Carolina Senate passed House Bill 690 27-17 which prohibits the state from engaging in any testing of CBDCs by the Federal Reserve. The bill also crosses out any payments to the state with referencing to a CBDC.

Its author was Governor Roy Cooper, who complained that HB 635 is “premature, vague, and reactionary” in the statement made in July. He claimed that this should be wait for the federal standards and safeguards to be developed, before such action is taken.

Industry Reaction

The head of iindustry afairs at the Blockchain Association Dan Spuller was not happy with Cooper’s veto on X saying that the bill ‘should have never been vetoed’ and adding that Cooper missed an opportunity to disappoint tho Federal Reserve regarding North Carolina’s stance on CBDCs.

The opposition of CBDC from North Carolina replicates opposition of CBDC at a federal level. In May, the U. S. House passed the CBDC Anti-Surveillance State Act, or H. R. roaming under the sponsorship of Congressman Nelson, which seeks to deny the Federal Reserve the authority to issue a CBDC directly to citizens.

Federal Reserve’s Stance

The central bank of the United States, the Federal Reserve has been conducting an experimental analysis of a CBDC and has presented a report that looks at the opportunities and challenges. The Chairman of the Federal Reserve Jerome Powell has stated that the Fed would not go ahead with implementation of a CBDC without the approval of congress and that any CBDC that may be issued it the future will have to be an electronic currency which will be presented through existing banking institutions.

While North Carolina is making its position clear against CBDCs, the discourse goes on about what modernist money and its posture in the financial structure will be.

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