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.
Bill Summaries: H690 NO CENTRL BANK DIGITAL CURRENCY PMTS TO STATE. (NEW)
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Tracking:
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Bill H 690 (2023-2024)Summary date: Sep 9 2024 - View Summary
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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.
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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).
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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.
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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.
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Bill H 690 (2023-2024)Summary date: Apr 18 2023 - View Summary
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.”