Governor of North Carolina Blocks Legislation on State Use of Digital Currencies

Governor Roy Cooper of North Carolina has vetoed House Bill 690 (HB 690), which aimed to prevent state payments using central bank digital currencies (CBDCs) and the state’s involvement in Federal Reserve CBDC testing. 

In his veto message, Governor Cooper described the bill as premature and criticized its vague and reactionary nature. He argued that federal efforts are underway to establish standards and safeguards for digital asset transactions, urging North Carolina to await these developments before enacting legislation. 

Cooper emphasized the need for legislative focus on current cybersecurity threats instead. Dan Spuller from the Blockchain Association expressed disappointment, highlighting the bill’s broad support and calling for an override of the veto to affirm North Carolina’s stance on CBDCs and digital asset policy.

Clever Robot News Desk 8th July 2024

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