North Carolina legislators propose state Bitcoin reserve

North Carolina legislators propose state Bitcoin reserve

The North Carolina General Assembly introduced a bill Wednesday that would create a state-controlled Bitcoin reserve.

Senate Bill 327, titled North Carolina Bitcoin Reserve and Investment Lawthe state treasury will be able to allocate up to 10% of public funds to: $BTC As part of the state’s long-term fiscal strategy.

The bill, introduced by Senators Johnson and Overcash, passed first reading in the Senate and was referred to the Rules and Administration Committee. The stated goals include the establishment of a strategic Bitcoin reserve; $BTC Establishing itself as a financial innovation and positioning North Carolina as a leader in state-level cryptocurrency adoption.

Under this proposal, treasurers would manage their reserves using cold storage wallets with multi-signature authentication.

A new department within the Ministry of Finance will manage the assets and ensure state control. The bill also calls for the Bitcoin Economic Advisory Board, made up of industry experts, to provide guidance and monthly audits to verify reserve balances, security, and performance.

Bitcoin acquisition will take place through regulated US-based exchanges, with bulk purchases taking advantage of market conditions. The bill also directs the Minister of Finance to investigate. $BTC Mining activities as a potential way to increase state property.

The use of this reserve will be limited to support for severe financial crises, approved investment strategies, funding for critical infrastructure and economic development projects, and Bitcoin-related research, education, and business incentives.

any liquidation $BTC Approval by at least two-thirds of both chambers of the General Assembly is required. The bill allows reserves to back bonds as an alternative means of financing public projects.

The Minister of Finance submits a quarterly report to the General Assembly detailing the status, value and performance of the reserves.

According to the text of the bill, the report will also be published on the Treasury Department’s website. The bill includes provisions to comply with federal and state laws regarding holding and taxing virtual currencies, and encourages support for federal regulations that favor Bitcoin.

US states want Bitcoin

Several U.S. states are considering or have introduced $BTC Reserves as part of the national treasury strategy.

Texas, New Hampshire, and Arizona have enacted laws allowing a portion of state funds to be allocated to Bitcoin, and Maryland, Iowa, Kentucky, North Carolina, Michigan, South Dakota, Illinois, Tennessee, and Missouri have introduced bills proposing similar reserves.

Other states, including Oklahoma, Utah and Pennsylvania, are considering bills that remain in committee, while proposals in Wyoming, Montana and Florida have stalled or been defeated. These efforts are $BTC as a potential store of value hedge and to diversify the state’s financial assets.

This post North Carolina Legislature Proposes State Bitcoin Reserve first appeared in Bitcoin Magazine and was written by Micah Zimmerman.