NO CENTRL BANK DIGITAL CURRENCY PMTS TO STATE. (NEW)

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View NCGA Bill Details2023-2024 Session
House Bill 690 (Public) Filed Tuesday, April 18, 2023
AN ACT TO PROHIBIT PAYMENTS TO THE STATE USING CENTRAL BANK DIGITAL CURRENCY OR PARTICIPATION BY THE STATE IN FEDERAL RESERVE BRANCH TESTING OF CENTRAL BANK DIGITAL CURRENCY.
Intro. by Warren, Brody.
Status: Ch. SL 2024-48 (Sep 9 2024)

SOG comments (1):

Long title change

Submitted by ddecamillis@sog... on

House committee substitute to the 2nd edition changed the long title. Original title was AN ACT TO PROHIBIT PAYMENTS IN CRYPTOCURRENCY TO THE STATE.

Bill History:

H 690/S.L. 2024-48

Bill Summaries:

  • Bill H 690 (2023-2024)
    Summary date: Sep 9 2024 - View Summary

    AN ACT TO PROHIBIT PAYMENTS TO THE STATE USING CENTRAL BANK DIGITAL CURRENCY OR PARTICIPATION BY THE STATE IN FEDERAL RESERVE BRANCH TESTING OF CENTRAL BANK DIGITAL CURRENCY. SL 2024-48. Enacted September 9, 2024. Effective September 9, 2024.

    Government, State Agencies, State Government
    GS 147
  • Bill H 690 (2023-2024)
    Summary date: Jul 8 2024 - View Summary

    The Governor vetoed the act on July 5, 2024. The Governor's objections and veto message are available here: https://webservices.ncleg.gov/ViewBillDocument/2023/9411/0/H690-BD-NBC-12421.

    Government, State Agencies, State Government
    GS 147
  • Bill H 690 (2023-2024)
    Summary date: Jun 24 2024 - View Summary

    Senate committee substitute to the 3rd edition makes the following changes.

    Makes a technical change to new GS 147-86.19(c).

    Government, State Agencies, State Government
    GS 147
  • Bill H 690 (2023-2024)
    Summary date: May 2 2023 - View Summary

    House committee substitute to the 2nd edition makes the following changes.

    Revises new GS 147-86.19 as follows. Removes the term cryptocurrency and replaces it with central bank digital currency, defined as a digital currency, a digital medium of exchange, or a digital monetary unit of account issued by the US Federal Reserve System or a federal agency that is made directly available to a consumer by such entities. Specifies that the term includes a digital currency, a digital medium of exchange, or a digital monetary unit of account issued by the US Federal Reserve System or a federal agency that is processed or validated directly by such entities. Bars a state agency or the General Court of Justice from accepting a payment using central bank digital currency (was, using cryptocurrency).  Adds a prohibition on a state agency or the General Court of Justice from participating in any test of central bank digital currency by any Federal Reserve branch. Adds a severability clause. Amends the act's titles.

    Government, State Agencies, State Government
    GS 147
  • Bill H 690 (2023-2024)
    Summary date: Apr 27 2023 - View Summary

    House committee substitute to the 1st edition makes the following changes.

    Revises new GS 147-86.19 to also bar the State's "General Court of Justice," meaning any agency, institution, bureau, board, commission, or officer of the General Court of Justice as defined by the State Constitution, from accepting a payment using cryptocurrency. 

    Amends GS 147-86.11 to specify that GS 147-86.19 applies to the General Court of Justice, regardless of their exclusion from the State Controller's required cash management policy for all State agencies. 

    Government, State Agencies, State Government
    GS 147
  • Bill H 690 (2023-2024)
    Summary date: Apr 18 2023 - View Summary

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    Enacts new section GS 147-86.19 to prohibit state agencies from accepting cryptocurrency. Defines cryptocurrency as  “digital or virtual currency that relies on cryptography to effect transfers and a decentralized network to record transactions.” Defines state agency as “any institution, bureau, board, commission, officer, or political subdivision of the State.”

    Government, State Agencies, State Government
    GS 147
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