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Wednesday, June 12, 2024

North Carolina House Introduces Bill That Would Prohibit Payment To The State In Bitcoin

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House Bill 690, “No Cryptocurrency Payments to State,” would stop citizens of North Carolina from paying the state using bitcoin.

The General Assembly of North Carolina has introduced a bill that would ban the usage of bitcoin as payment to the state or state agencies. 

According to a source familiar with the matter, the original intent of the introduction of the bill was to prevent the usage of CBDCs in the state — however, the wording in the bill encompasses cryptocurrencies and bitcoin instead of CBDCs, and appears to be a direct anti-bitcoin and cryptocurrency usage bill.

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The bill, which carries the short title of “No Cryptocurrencies Payments to State,” and is sponsored by House Representatives Warren and Brody, provides two definitions.

It defines cryptocurrency as, “digital or virtual currency that relies on cryptography to effect transfers and a decentralized network to record transactions,” and a state agency as “any institution, bureau, board, commission, officer or political subdivision of the State.”

The bill then proclaims that “no State agency shall accept a payment using cryptocurrency,” and that the “act is effective when it becomes law.”

Although short, the bill would be a step in the wrong direction for the state, which just recently saw other legislation pushed forward to halt bitcoin mining operations in the county encompassing the city of Asheville.

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The source familiar with the matter stated that it is likely that this bill will be contested and that efforts to educate legislators will likely take place. 

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