North Carolina passes bill to explore holding crypto in state treasury

CryptoSlate
CryptoSlate

29 Jun 2023 1:55 PM

North Carolina lawmakers voted 73-40 in-favor of examining the benefits of crypto and precious metal acquisition....

  • North Carolina House Bill 721 has been passed to explore the benefits and implications of holding cryptocurrencies and precious metals in the state treasury.
  • The bill was introduced on Apr. 18 and passed the House on Jun. 28 with 73 in favor, 40 against, and seven absent.
  • The bill states that the state treasury will study the process of buying, storing, insuring, and liquidating metal bullion and virtual currency to be held by the state.
  • The potential benefits include a safety net from macroeconomic factors and generating capital gains.
  • The study will consider a "state-administered depository" for both types of assets, weighing the costs, benefits, and security against privately managed custody facilities.
  • The state treasury intends to report the study results to the Joint Legislative Commission on Governmental Operations before Jan. 1, 2024, with a cost of $50,000 covered by the state's general fund.

The sentiment of the article is generally positive, highlighting the passing of the bill and the potential benefits of holding cryptocurrencies and precious metals in the state treasury.

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You May Ask

What is the purpose of North Carolina House Bill 721?When was the bill introduced and when did it pass the House?What assets will be studied by the state treasury?What are the potential benefits of holding cryptocurrencies and precious metals in the state treasury?How will the study results be reported and funded?

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