Bill Summary for H 690 (2023-2024)

Printer-friendly: Click to view

Bill Information:

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.

View: All Summaries for BillTracking:

Bill 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.