The US Federal Reserve will likely soon be prohibited from testing a Central Bank Digital Currency system in the state of North Carolina.
The General Assembly has passed an act prohibiting payments to the state using central bank digital currency. The legislation, HB 690, also prohibits North Carolina from participating in the Federal Reserve branch’s testing of any future CBDC.
(Source: Pexels)
State senators passed the bill, entitled “No Central Bank Digital Currency Payments to State” on Tuesday afternoon in a 39-5 vote. The Finance Committee and the Senate Committee on Rules and Operations approved the bill unanimously this week ahead of the floor vote. The bill passed the House last year with unanimous approval, but it must be returned for concurrence due to one minor grammatical change.
