North Carolina passes bill to ban participation in Federal Reserve Bank CBDC testing

The North Carolina State Assembly passed a bill prohibiting the state from participating in the Federal Reserve's central bank digital currency (CBDC) testing. The Senate passed House Bill 690 by 27 votes in favor and 17 against, overriding Governor Cooper's veto. The bill prohibits the use of CBDC to pay state governments and prohibits state governments from participating in CBDC testing. Cooper previously considered the bill "premature and overreacting." Blockchain Association Industry Affairs Director Speller said Cooper missed the opportunity to show the Federal Reserve System North Carolina's opposition to CBDC. It is worth noting that the U.S. House of Representatives passed the CBDC Anti-Surveillance State Act in May this year, which aims to prevent the Federal Reserve from issuing CBDC to individuals. Federal Reserve Chairman Powell has said that the Federal Reserve will not issue CBDC without the approval of Congress. (The Block)