Key facts:
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The North Carolina Senate overrode a veto imposed by the state’s governor.
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The US is far from recommending or adopting a CBDC in any form, the Fed says.
After state governor Roy Cooper vetoed a bill seeking to ban central bank digital currencies (CBDC) last July, the North Carolina General Assembly in the United States approved the proposal.
In a vote on September 9, the Republican-led Senate approved the bill, which was approved by 27 votes in favor and 17 against. achievement the majority of 60% needed to override the Democratic governor’s veto, even against his objections. A decision that was preceded by the House of Representatives, which last August also voted to override Cooper’s veto, with a vote of 73-41.
In this way, the Republican supermajorities, both in the House of Representatives and in the Senate, had enough support to enact the lawThe approval came despite Democratic lawmakers reversing their support for the bill after originally backing the measure.
It is thus, in the midst of these differences, that House Bill 690 (also known as HB 690) becomes a new law, prohibiting the state of North Carolina accept CBDC as a form of payment and also preventing him from participating in future tests for this type of coin conducted “by any branch of the Federal Reserve.”
The fight to enact this law has been surrounded by a series of clashes between state authorities, especially in recent months. In a battle that seems to emulate the conflicting positions that, on cryptocurrencies, Most Republicans and Democrats in the rest of the country say.
“It’s an opportunity for us to send the signal that North Carolina, the ninth largest state in the union, does not want a federal central bank digital currency,” declared Senator Brad Overcash, a Republican from Gaston who supports the law, told the media. This, while recounting that There were no Democrats who supported the legislation, even though some had been in favor of it last June.
“All indications are that these legislators decided to follow partisan lines and support Governor Cooper’s ideas,” Overcash added, recalling that when vetoing the bill, the governor called it “premature, vague and reactionary” to be signed into law. A comment that was widely criticized, accusing Cooper of making decisions politically motivated.
At this point, Blockchain Association’s head of industry affairs, Dan Spuller, spoke in X on the effects of the Cooper veto, noting that although it was overturned it “ruined the opportunity” to send a message to the Federal Reserve that the state is against CBDCs. He praised the efforts of the Republicans to remove the veto and finally approve the law.
The Fed assures that there will be no CBDC
The anti-CBDC stance displayed in North Carolina is echoed in several US states, where it is also Laws are being passed and regulations against these currencies. A trend that is gaining strength in the country, despite the Federal Reserve’s assurances that There are no plans to move forward with such a proposal..
This was confirmed last March by the president of the Federal Reserve, Jerome Powell, confirming at a Senate Banking Committee hearing in the U.S. was “far from recommending or, much less, adopting a central bank digital currency in any form.”
As CriptoNoticias has reported, in 2021 the Federal Reserve began to do research exploratory to evaluate the possibility of issuing a digital dollar. But the project has not made any progressmaking the possibility of a CBDC being launched in the United States increasingly remote.
However, fears persist that the Fed could issue such a currency without Congressional authorization. Hence, the US House of Representatives approved last May a bill against CBDC surveillancewhich was introduced by Rep. Tom Emmer.
The effort has been accompanied by the passage of laws against CBDCs. in several statesincluding South Dakota, Utah, South Carolina, Florida and Tennessee. They are all looking prevent the circulation of a digital dollar in those jurisdictions.
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