North Carolina Governor Vetoes Bill To Ban CBDCs

The bill, HB 690, passed the state House and Senate by hefty margins of 109-4 and 39-5; and the text of the bill boldly states that “Central bank digital currency payments [are] prohibited.”

The bill adds: “No State agency nor the General Court of Justice shall accept a payment using central bank digital currency. No State agency nor the General Court of Justice shall participate in any test of central bank digital currency by any Federal Reserve branch.”

In a brief statement explaining why he vetoed the bill, Cooper wrote:

Efforts are being made at the federal level to ensure standards and safeguards are in place to protect consumers, investors and businesses that 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 an end result on important monetary decisions that haven’t even been made yet. Instead of this bill, the legislature should have passed a budget to provide more funding for cybersecurity threats that actually exist now.

However, CoinTelegraph explained that ‘given the near-unanimous votes, North Carolina legislators could easily override Cooper’s veto with a three-fifths majority in both chambers.’

Blockware Solutions head analyst and North Carolina native Mitchell Askew told the outlet that “the veto from Governor Cooper was not representative of the desires of North Carolinians. […] He vetoed only because his opponent Mark Robinson is in favor of the bill. It’s clear who the pro-Bitcoin and pro-freedom candidate is here.”

Dan Spuller, head of industry affairs at the Blockchain Association, also said: “[Digital asset] policy must remain in the hands of the American people, ensuring that any development of digital currency reflects our values of privacy, individual sovereignty, and free market competitiveness.”

In May, the U.S. Congress passed a bill to ban a CBDC, though the bill has not been picked up by the Senate and would still need a signature from the President.

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AUTHOR COMMENTARY

It should also be noted that Trump and the GOP made it clear during this week’s Republican National Convention (RNC) that they are pro-Bitcoin (after Trump besmirched it for years) and anti-CBDC. We’ve already seen legislation in other states such as Florida and Indiana to prevent CBDC in their states, but the fine wording of the bills puts into question just how effective they will be; and should CBDC arrive (and it will), we have to assume that the states will still fall into lockstep, just as they did during the Covid scam.

However, as far as I am concerned, I would not put too much stock into these votes. I am glad people are waking up to this reality and what CBDCs mean, but since it is an election year a lot of politicians are just saying and doing what they think they need to say in order to secure votes and donor money.

Proverbs 28:11 The rich man is wise in his own conceit; but the poor that hath understanding searcheth him out.

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[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).

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