Bitcoin News and Finance
North Carolina Advances Bill to Study Holding Bitcoin Using Crypto to Hedge Against Inflation Skip to main content

North Carolina Advances Bill to Study Holding Bitcoin Using Crypto to Hedge Against Inflation

North Carolina Advances Bill to Study Holding Bitcoin, Using Crypto to Hedge Against Inflation

The U.S. state of North Carolina has advanced a bill to study holding cryptocurrencies, particularly bitcoin, in the state treasury. The bill appropriates $50,000 from the state’s general fund to study three areas, including “The process of acquiring, securely storing, insuring, and liquidating … virtual currency, such as bitcoin, that may be held on behalf of the state.”

North Carolina Explores Holding Bitcoin

The U.S. state of North Carolina has advanced House Bill 721 (HB721) titled “State Precious Metals Depository Study.” The bill appropriates $50,000 from the state’s general fund, which is made up of tax revenues, excluding transportation, to the state treasurer to conduct a study that examines three key areas. The first area involves:

The process of acquiring, securely storing, insuring, and liquidating … virtual currency, such as bitcoin, that may be held on behalf of the state.

The second area is the “expected impact of allocating a portion of the general fund” to “virtual currency to hedge against inflation and systemic credit risks, reduce overall portfolio volatility, and increase portfolio returns over time.”

The third is the “costs, benefits, and security of utilizing a privately managed depository or another state’s depository or creating a state-administered depository in North Carolina to serve as the custodian, guardian, and administrator of … virtual currency that may be transferred to or otherwise acquired by this state or an agency, a political subdivision, or another instrumentality of this state and to provide a repository for investors to use for such assets.”

Dan Spuller, senior director of Industry Affairs at Blockchain Association, tweeted Wednesday:

This is a very important step to a more formal acknowledgement of bitcoin in North Carolina.

Initially, HB721 did not include digital assets or bitcoin. Spuller tweeted on June 15 that he testified at the NC House Standing Committee in support of adding digital assets custody and bitcoin to the bill.

HB721 requires the NC Department of State Treasurer to report on the results of the study and provide recommendations to the Joint Legislative Commission on Governmental Operations by Jan. 1, 2024. The NC House passed the bill on the third reading on Wednesday. On Thursday, the bill passed the NC Senate’s first reading and is now referred to the Committee on Rules and Operations of the Senate.

What do you think about North Carolina exploring holding bitcoin in the state treasury? Let us know in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory