The House of Representatives of North Carolina have passed a bill named HB690 which prohibits the use of CBDC in the state. 118 members of the of the house voted for the bill in the absence of 2 representatives and it did not get rejected by any of the members. The bill is now forwarded to the State Senate for more clarifications.
The bill was passed in April by the lawmakers of North Carolina which stated neither the General Court of Justice nor the State Agency should accept CBDCs payment or participate in Fed testing for the digital dollar.
Bill Seems to be Politically Inclined
The bill against CBDC seems to be more politically inclined with the 2024 US elections lying ahead. Ron DeSantis, Governor of Florida who may contest for the US presidential elections said in March that CBDC is a scam which is mainly aimed at controlling the behavior of people and this needs to be banned. The new bill replaces the word “cryptocurrency” with “Central Bank Digital Currency.” which is defined as digital medium of exchange issued by the Federal Reserve.
Tom Emmer and senator Ted Cruz have also introduced different bills at the Federal Reserve which restricts Fed authority over CBDCs. Robert F. Keneddy Jr, another person contesting for the US presidential elections has also said that CBDCs are a massive threat which will lead to political tyranny and financial slavery.
The new bill clearly states the masses that the adoption of CBDC is a complex matter which has far reaching implications. With the evolution of technology, it is vey necessary for the policymakers to implement proper regulations and deal with these issues in a much responsible manner.
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