North Carolina Governor Roy Cooper recently made headlines by vetoing a bill that aimed to ban the introduction of central bank digital currencies (CBDCs) in the state. The bill, which had received unanimous support from both chambers of North Carolina, sought to prevent the implementation of any CBDC issued by the US Federal Reserve within the state. However, Governor Cooper vetoed the bill citing its vagueness and reactionary nature. He argued that the bill would not address an immediate threat and urged the legislature to focus on passing a budget to tackle existing cybersecurity threats.
While Governor Cooper’s decision to veto the bill may have disappointed some crypto stakeholders, others believe that CBDCs could potentially be used as tools for government surveillance and economic manipulation. The North Carolina Blockchain Initiative, a pro-crypto industry group, expressed disappointment over the veto of the bipartisan bill. Despite the governor’s veto, market experts noted that the state’s legislature could still override the veto with a two-thirds majority vote in both chambers.
CBDCs are blockchain-based versions of government-issued currency designed to expedite fiat currency transactions. According to the Atlantic Council CBDC tracker, these currencies have gained global traction, with an overwhelming majority of nations and currency unions contemplating their implementation. In the US, opinions on CBDCs are divided along party lines, with Democrats like Senator Elizabeth Warren supporting the assets, while Republicans such as Senator Ted Cruz and Donald Trump oppose them. Trump has vowed to prevent the introduction of such currencies if re-elected as US president in the upcoming November elections.
Despite the global interest in CBDCs, the Federal Reserve remains skeptical about launching a CBDC. The financial regulator’s website states that no decision has been made regarding issuing a CBDC and any action would require legal authorization. It is important for readers to verify facts independently and consult with professionals before making decisions based on this content. BeInCrypto is committed to providing accurate and timely information, but readers are advised to conduct further research to ensure they have the most up-to-date and unbiased information available.
