North Carolina Governor Roy Cooper has refused to sign a bill opposing the issuance and use of a Federal Reserve-backed digital currency in the state.
Last week, Cooper, a Democrat, vetoed a bill titled “No Digital Currency Payments from the Central Bank to the State” (HB 690), saying it is too early to ban the use of digital currency from the central bank (CBDC) in North Carolina.
“Efforts are underway at the federal level to ensure that standards and safeguards are in place to protect consumers, investors and businesses who may want to make monetary transactions in digital assets, and North Carolina should wait to see how they work before taking action .
This legislation is premature, vague and reactionary and proposes a final outcome on important monetary decisions that have not even been taken yet. Instead of this bill, the Legislature should have passed a budget to provide more funding for the cybersecurity threats that actually exist today.”
In May, members of the North Carolina House of Representatives unanimously passed the bill with a 118-0 vote with two absentees in favor of the amended version of HB 690. The North Carolina Senate passed the bill on June 25.
If passed, the bill would have banned state agencies and courts from using a digital dollar and participating in CBDC pilot testing.
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Generated image: Midjourney