The North Carolina House of Representatives unanimously passed a bill that would prevent state institutions and organizations from accepting payments in central bank digital currencies (CBDC).
The bill, approved by the House of Representatives, also prohibits the state from participating in any central bank digital currency pilot testing. North Carolina isn’t the only state to oppose CBDC payments. Florida Governor Ron DeSantis has also proposed a similar law to ban CBDC payments in his state.
North Carolina Representatives Exhibit Anti-CBDC Attitude
While some say the technology can increase financial inclusion and reduce costs for consumers, the Federal Reserve has said it will not issue a CBDC without the written approval of Congress.
According to North Carolina Representatives Harry Warren and Mark Brody, supporters of the anti-CBDC bill, the legislation aims to protect the state’s financial systems from the potential risks posed by CBDCs. Making a statement on the subject, Brody said: “We must ensure that our state’s financial systems remain strong, stable and reliable.”
Republican lawmakers in North Carolina take a firm stance against CBDCs, citing concerns about privacy, individual autonomy, and free markets.
Passing this bill sends a clear message that North Carolina lawmakers are not ready to adopt the technology, despite its potential benefits. Politicians like Representative Tom Emmer said CBDCs could be used as a political tool.
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