The post North Carolina’s Governor Roy Cooper Vetoes CBDC Ban appeared on BitcoinEthereumNews.com.

North Carolina Governor Roy Cooper vetoed a bill banning the introduction of central bank digital currencies (CBDCs). The bill, unanimously passed by both chambers of North Carolina, aimed to prevent the implementation of any CBDC issued by the US Federal Reserve within the state. Why North Carolina Vetoed CBDC Bill Governor Cooper vetoed the bill due to its vagueness and reactionary nature. He argued that the bill would not address an immediate threat. Instead, he urged the legislature to focus on passing a budget to tackle existing cybersecurity threats. “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,” he added. Read more: Digital Rupee (e-Rupee): A Comprehensive Guide to India’s CBDC However, crypto stakeholders criticized the governor’s decision, describing CBDCs as potential tools for government surveillance and economic manipulation. Notably, the North Carolina Blockchain Initiative, a pro-crypto industry group, expressed disappointment over the veto of the bipartisan bill. “The North Carolina Blockchain Initiative has worked tirelessly to educate and support important legislation like HB 690. It’s unfortunate that Gov. Cooper vetoed this bipartisan bill,” the group wrote. Meanwhile, the governor’s veto might not be the final word on the bill. Market experts noted that the state’s legislature could still override the veto with a two-thirds majority vote in both chambers. CBDCs are blockchain-based versions of government-issued currency designed to expedite fiat currency transactions. According to the Atlantic Council CBDC tracker, these currencies have gained global traction, with an overwhelming majority of nations and currency unions—comprising 98% of the global GDP—contemplating their implementation. Central Bank Digital Currencies (CBDC) Tracker. Source: Atlantic Coucil In the US, opinions…

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Filed under: News - @ July 7, 2024 5:20 pm