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On Wednesday (June 26), the North Carolina Senate passed a bill aimed at prohibiting central bank digital currencies (CBDCs) in the state. The legislation now awaits the Governor\u2019s signature to become law.<\/p>\n
If enacted, the bill would prevent North Carolina from participating in any Federal Reserve testing of future CBDCs. Additionally, it would bar state agencies and courts from accepting CBDC payments.<\/p>\n
The Carolina Journal reports<\/a> that Senate Bill 690<\/a> received overwhelming support, passing with a 109-4 vote. This marks an increase from Tuesday\u2019s 39-5 vote.<\/p>\n Senator Brad Overcash, a proponent of the bill, stated that its purpose is to discourage the federal government from pursuing CBDC implementation. He argued that such a move could potentially undermine the dollar\u2019s status as a major global currency. He said:<\/p>\n This would bar our state agencies or courts from accepting a central bank digital currency, and it would also bar them from participating in a pilot project if one were to be initiated by any of the Federal Reserve Banks. [\u2026] This is an important step to the stability of our financial sector and our financial privacy.<\/p>\n<\/blockquote>\n The North Carolina bill aligns with broader national skepticism towards CBDCs. In May, U.S. House Majority Whip Tom Emmer proposed the CBDC Anti-Surveillance State Act<\/a>, seeking to halt the Federal Reserve\u2019s efforts to develop a digital dollar. The act raised concerns about potential government control over Americans through a CBDC.<\/p>\n Federal Reserve Chair Jerome Powell, speaking at a Senate Banking Committee hearing in March, emphasized that the U.S. is \u201cnowhere near\u201d adopting a CBDC<\/a> in any form.<\/p>\n\n
Opposition to federal CBDCs<\/h2>\n