The North Carolina House Votes in Favor of Banning CBDCs

On May 3, 118 House members representing North Carolina voted in favor of passing House Bill 690 for banning CBDCs.

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While some nations consider developing and launching their own Central Bank Digital Currency (CBDC), the North Carolina House of Representatives overwhelmingly approved legislation forbidding government agencies from accepting Central Bank Digital Currencies (CBDCs). 

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House Bill 690 Passes in North Carolina

On May 3, 118 House members representing North Carolina voted in favor of passing House Bill 690, while only two withdrew and nobody voted against it.

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The law would also bar the nation from taking part in the Federal Reserve branch test of a possible CBDC, in addition to the accepting restriction. 

Definition of a CBDC

The proposal was introduced in the North Carolina House in April under its original heading “AN ACT TO PROHIBIT PAYMENTS IN CRYPTOCURRENCY TO THE STATE,” but on May 2 it was amended to replace the term “cryptocurrency” with “central bank digital currency.” 

The CBDC is said to be “a digital currency, a digital medium of exchange, or a digital monetary unit of account issued by the US Federal Reserve System or a federal agency that is made directly available to a consumer by such entities.”

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Ban on Bitcoin Mining in North Carolina

Additionally, the Buncombe County Board of Commissioners in North Carolina passed a one-year ban on Bitcoin mining on Tuesday, citing noise and environmental concerns.

Democrats have also regularly criticized Bitcoin mining for contributing to the emission of greenhouse gasses. The Biden White House issued a blog post urging Congress to impose a 30% tax on the Bitcoin mining sector in order to make it pay for its “societal harms.”  

CBDC Testing Rampant Worldwide 

It is important to look at the fact that more than 100 nations are looking into the possible applications of CBDC at present, particularly in connection with the existing conventional financial institutions. 

Australia, Ghana, the United Arab Emirates, Thailand, Spain, and Kazakhstan are among the nations where CBDC has been introduced or is in the process of being introduced, while Nigeria and the Bahamas already have CBDC in circulation.

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