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Lawmakers in North Carolina introduced legislation on Wednesday to create a state-backed Bitcoin facility.
Senate Bill 327, entitled North Carolina Bitcoin Reserve and Investment Actthey would allow the Office of the State Treasurer to allocate up to 10% of state funds to BTC as part of the state’s long-term financial plan.
The bill, sponsored by Senators Johnson and Overcash, it has passed its first reading in the Senate and was referred to the Committee on Rules and Labor. His stated goals include establishing a Strategic Bitcoin Reserve, promoting BTC as a financial technology, and positioning North Carolina as a leader in adopting crypto at the state level.
Under the proposal, the Treasurer would monitor the database using multi-signature cold storage bags.
A new department within the Treasurer’s office will oversee the property, ensuring government control. The bill also calls for a Bitcoin Economic Advisory Board made up of industry experts to provide guidance and monthly reviews to ensure sustainability, security, and performance.
Bitcoin purchases will be made through regular exchanges in the US, with more purchases timed to take advantage of market opportunities. The bill also directs the Treasurer to investigate BTC mining work as a possible way to increase the state’s wealth.
The database’s use is limited to financial crises, legitimate investment strategies, funding for critical projects and economic development, and supporting Bitcoin-related research, education, and business advocacy.
Any dissolution of the BTC would require the approval of two-thirds of both chambers of the General Assembly. The bill allows the reserve to issue loans as an alternative way to finance government projects.
The Treasurer sends quarterly reports to the General Assembly detailing the status of the fund, its value, and the status of the work being done.
The reports will also be publicly available on the Treasurer’s website, according to the bill. The bill includes provisions for compliance with federal and state laws related to cryptocurrency custody and taxation and recommends strengthening federal laws related to Bitcoin.
US states want Bitcoin
Several US states they are investigating or have established BTC reserves as part of the government’s economic strategy.
Texas, New Hampshire, and Arizona have enacted laws allowing portions of state funds to be paid in Bitcoin, while Maryland, Iowa, Kentucky, North Carolina, Michigan, South Dakota, Illinois, Tennessee, and Missouri. they will show rules to encourage similar databases.
Other states, including Oklahoma, Utah, and Pennsylvania, considered bills that remained in committee, while proposals from Wyoming, Montana, and Florida stood or declined. These efforts reflect the growing trend of using BTC as a store of value and diversifying public finances.
