North Carolina passes bill to explore holding crypto in state treasury

north carolina House Bill 721 Passed to explore the benefits and implications of holding cryptocurrencies and precious metals in the treasury.

of Specification Introduced April 18 passage After the third reading, the House voted on June 28 with 73 votes in favor, 40 against, and 7 absent.

Section 1 of the bill states that the State Treasury will consider the process of purchasing, custody, insurance and liquidation of state-owned metals such as gold and virtual currencies such as Bitcoin (BTC).

The potential benefits of doing so provide a safety net from macroeconomic factors and may even generate capital gains, he added.

“By allocating a portion of the General Fund to investments in metals and cryptocurrencies to hedge against inflation and systemic credit risk, reduce overall portfolio volatility, and increase portfolio returns over the long term. expected effect.”

Dan Spellerco-chair North Carolina Blockchain Initiativecalled the legislative outcome “another bipartisan victory,” and to add,

“This is a very important step towards more formally recognizing #bitcoin in North Carolina. A lot of behind-the-scenes work is being done, led by our friend Rep. Mark Brody. .”

The scope of the study examines “state-managed vaults” for both types of assets, weighing costs, benefits and safety against privately-controlled vaults.

The Treasury will report its findings to the Joint Legislative Commission on Government Management by January 1, 2024.

The research will be funded by $50,000 from the state’s General Fund.

North Carolina Passes Bill to Consider Holding Cryptocurrencies in the Treasury First published on CryptoSlate.

Related Articles

Back to top button