North Carolina’s legislators have overridden the governor’s veto to pass a new law banning the use of federal digital currency in the state. The bill, known as HB 101, was initially vetoed by Governor Cooper in October, citing concerns about the potential impact on the state’s economy and technological innovation. However, the General Assembly voted to overturn the veto in a decisive move that will now prohibit all state agencies and local governments from accepting or using digital currency issued by the federal government.
This new legislation comes at a time when the use of digital currency, such as Bitcoin and Ethereum, has been gaining popularity and becoming more mainstream. Supporters of the bill argue that federal digital currency poses a threat to the stability of the state’s economy and financial system. They believe that allowing the use of digital currency issued by the federal government could lead to increased risks of fraud, money laundering, and cyberattacks.
However, critics of the bill have expressed concerns about the potential negative consequences of banning federal digital currency in North Carolina. They argue that this move could hinder technological innovation and make it more difficult for residents and businesses to access and use digital currency as a means of conducting transactions.
Despite the controversy surrounding the new law, the General Assembly’s decision to override the governor’s veto demonstrates the state’s commitment to regulating digital currency and protecting its economy. This legislation marks a significant development in the ongoing debate over the role of digital currency in today’s financial landscape and sets a precedent for other states to potentially follow suit in the future.
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