North Carolina House approves bill to invest state treasury funds in gold and Bitcoin

The North Carolina House of Representatives approved a bill allowing the state Treasury to invest funds in gold and Bitcoin.

We did it https://t.co/ZgaSAfnQCg

— North Carolina Blockchain Initiative (@NC_Blockchain) June 28, 2023

The initiative is aimed at “protecting the state’s assets”.

“Many people in the world of cryptocurrencies, as well as in the world of precious metals, know that the U.S. government is systematically and knowingly devaluing its currency,” — заявил Congressman Mark Brody.

After approval by the House, the bill will move to the Senate and, if approved, to the governor of North Carolina.

Under the document, authorities would assess how owning digital assets and precious metals could help the Treasury hedge against inflation, reduce portfolio volatility, and over time achieve higher returns. The bill notes credit risk as justification for holding Bitcoin and gold.

Part of the study would explore how to buy, store, and liquidate these asset classes, and whether it would be prudent to establish a dedicated body to carry out these tasks.

“The initial bill contemplated only allocating funds to buy gold. During discussions, many in Congress realized there wasn’t sufficient knowledge to make a decision. For this reason, implementation will begin with a research phase,” — explained Brody.

In May, Texas senators presented a bill prohibiting the use of the digital dollar within the state.

Meanwhile in Florida, lawmakers already passed a measure against CBDC, which was signed by Governor Ron DeSantis. In his view, the law “will protect residents from the administration of the President of the United States, who wants to turn the financial sector into a weapon.”

Later in the States introduced the “first bipartisan” bill banning the ФРС from issuing a central bank digital currency.