North Carolina passes a bill prohibiting participation in Federal Reserve Bank CBDC testing

ChainCatcher news, the North Carolina legislature has passed a bill prohibiting the state from participating in Federal Reserve Central Bank Digital Currency (CBDC) testing. The Senate overturned Governor Cooper's veto with a vote of 27 in favor and 17 against, passing House Bill 690. The bill prohibits the use of CBDC for payments to the state government and bans the state government from participating in CBDC testing.

Cooper previously stated that the bill was "premature and an overreaction." The Blockchain Association's Director of Industry Affairs, Spuler, indicated that Cooper missed the opportunity to signal North Carolina's opposition to CBDC to the Federal Reserve System.

It is worth noting that the U.S. House of Representatives passed the "CBDC Anti-Surveillance State Act" this May, aimed at preventing the Federal Reserve from issuing CBDC to individuals. Federal Reserve Chairman Powell has stated that the Federal Reserve will not issue CBDC without congressional approval.