North Carolina Governor Vetoes Bill That Would Have Banned a US CBDC in the State

North Carolina Governor Roy Cooper has declined to sign a bill that opposes the issuance and use of a Federal Reserve-backed digital currency in the state.

Last week, Cooper, a Democrat, vetoed a bill titled “No Central Bank Digital Currency Payments to State” (HB 690), saying that it’s too early to ban the use of central bank digital currency (CBDC) in North Carolina.

“Efforts are being made at the federal level to ensure standards and safeguards are in place to protect consumers, investors and businesses that may want to make monetary transactions in digital assets and North Carolina should wait to see how they work before taking action. 

This legislation is premature, vague and reactionary and proposes an end result on important monetary decisions that haven’t even been made yet. Instead of this bill, the legislature should have passed a budget to provide more funding for cybersecurity threats that actually exist now.”

In May, members of North Carolina’s House of Representatives unanimously passed the bill with a 118-0 vote with two absentees in favor of the amended version of HB 690. North Carolina’s Senate passed the bill on June 25th.

If it had been approved, the bill would have prohibited the state’s agencies and courts from using a digital dollar and participating in CBDC pilot tests.

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