H690 prohibits state agencies and the General Court of Justice from accepting payments in central bank digital currency (CBDC) or participating in Federal Reserve CBDC tests. The bill defines CBDC as a digital currency issued by the U.S. Federal Reserve or another federal agency.
The North Carolina State House of Representatives overrode the governor’s veto on September 9, 2024 by a vote of 27 to 17. We have assigned pluses to the ayes because Article I, Sections 8 and 10 of the U.S. Constitution state that only Congress has the power to coin money. States should take steps to return to the gold standard and embrace the use of real money. A digital currency can be easily tracked, allowing the government to monitor all financial transactions. This could lead to unconstitutional and extensive surveillance of individuals’ financial activities, eroding personal privacy and potentially freezing assets, which is already happening in other countries.