Reserve

Jerome Powell

Chair

North Carolina Governor Roy Cooper has vetoed a bill banning the state from implementing a US Federal Reserve-issued central bank digital currency (CBDC) despite receiving near-unanimous support in the state’s House of Representatives and Senate.
Cooper, who has faced criticism for making a politically motivated decision, <a href="https://governor.nc.gov/news/press-releases/2024/07/05/governor-cooper-vetoes-two-bills" target="_blank" rel="noopener nofollow">explained</a> in a June 5 statement that House Bill 690 was too “premature, vague, and reactionary” to sign into law.
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 “Efforts are being made at the federal level to ensure standards and safeguards are in place to protect consumers, investors and businesses [using] digital assets and North Carolina should wait to see how they work before taking action.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/35fa4e08-0130-4140-9a9c-deafd2bd3d92.jpg" alt="North Carolina’s CBDC ban bill vetoed by governor" title="">
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 Source: <a href="https://x.com/DanSpuller/status/1809354220342026696" target="_blank" rel="noopener nofollow">Dan Spuller</a>
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Cooper’s veto followed a lopsided <a href="https://cointelegraph.com/news/north-carolina-cbdc-ban-bill-heads-to-governor">109–4 vote in the House</a> and a 39–5 vote in the Senate in late June.
Given the near-unanimous votes, North Carolina legislators could easily <a href="https://cointelegraph.com/news/united-states-house-to-vote-on-oveturning-biden-sab-121-veto">override Cooper’s veto</a> with a three-fifths majority in both chambers.
Cooper’s decision to veto wasn’t well-received.
“The veto from Governor Cooper was not representative of the desires of North Carolinians,” Blockware Solutions head analyst and North Carolina native Mitchell Askew explained to Cointelegraph.
Askew said it was a shame Cooper was “unwilling to put partisan politics aside” to support a law that would benefit all <a href="https://cointelegraph.com/news/north-carolina-house-passes-bill-to-study-bitcoin-hodling">North Carolina residents</a>.
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 “He vetoed only because his opponent Mark Robinson is in favor of the bill. It’s clear who the pro-Bitcoin and pro-freedom candidate is here.”
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Related:<a href="https://cointelegraph.com/news/cbdc-privacy-progress-adoption"> CBDC privacy concerns and ‘lack of purpose’ stall progress: 4 out of 167 live</a>
Similarly, Dan Spuller, head of industry affairs at the Blockchain Association, <a href="https://x.com/DanSpuller/status/1809354220342026696" target="_blank" rel="noopener nofollow">said</a> Cooper’s veto was an opportunity missed to send a loud and clear message that North Carolina <a href="https://cointelegraph.com/learn/what-is-a-cbdc-why-central-banks-want-to-get-into-digital-currencies">strongly opposes a CBDC</a>.
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 “[Digital asset] policy must remain in the hands of the American people, ensuring that any development of digital currency reflects our values of privacy, individual sovereignty, and free market competitiveness.”
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That said, Federal Reserve Chair Jerome Powell said at a Senate Banking Committee&nbsp;<a href="https://cointelegraph.com/news/federal-reserve-nowhere-near-launching-cbdc-jerome-powell">hearing in March</a> that the US was “nowhere near recommending or let alone adopting a central bank digital currency in any form.”
Magazine: <a href="https://cointelegraph.com/magazine/digital-yuan-adoption-payments-regulation/">How the digital yuan could change the world… for better or worse</a>

North Carolina’s CBDC ban bill vetoed by governor

Cointelegraph

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