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- Governor Cooper's veto stops the CBDC ban in North Carolina.
- Federal bill H.R.1122 passed the House, but now it has to deal with the Senate.
- Powell says the Fed won't release a CBDC without Congress.
- The state keeps looking into CBDCs without any restrictions.
First published 7/27/2024 on BetterChecked• last updated 7/28/2024
Governor Cooper exercised his veto power decisively. "Efforts are being made at the federal level to ensure standards and safeguards are in place to protect consumers, investors and businesses that may want to make monetary transactions in digital assets and North Carolina should wait to see how they work before taking action. This legislation is premature, vague and reactionary and proposes an end result on important monetary decisions that haven’t even been made yet. Instead of this bill, the legislature should have passed a budget to provide more funding for cybersecurity threats that actually exist now." he stated.
His veto demonstrates his commitment to keeping North Carolina open to new technology, rather than avoiding it.
Cooper seeks a balanced approach to CBDCs, weighing financial innovation against privacy concerns. By being open for new technology, he aims to enable North Carolina to adapt and thrive in a rapidly changing economy.
Under Cooper's leadership, North Carolina is committed to striking a balance between funding innovation and addressing privacy concerns, thereby avoiding a scenario where the government has excessive control over financial transactions.
National debate on CBDCs: implications of the veto
The veto of House Bill 690 isn't just a local issue; it's closely tied to the broader national debate on Central Bank Digital Currencies (CBDCs).
Key Democrats, such as Senator Elizabeth Warren, have expressed doubts about the bill's future.
Federal Reserve Chair Jerome Powell has played a significant role in this conversation. Powell has made it clear that the Fed won't issue a CBDC without Congress's explicit approval.
In various discussions, including his speech at the Economic Club of New York, Powell emphasized that any CBDC would be channeled through regular banking systems to alleviate concerns about government monitoring of personal finances.
Recommendation by BetterChecked
Powell’s approach suggests mixing CBDCs in a balanced way, promoting innovation while keeping privacy. Stay updated on these changes.
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Powell's vision offers a roadmap for integrating a CBDC into the current financial system, striking a balance between new technology and privacy concerns. His approach brings much-needed balance to the debate, focusing on practical solutions and solid safeguards.
Market reactions and future prospects
When news of Governor Cooper’s veto broke, the crypto market remained steady, with Bitcoin (BTC) holding at around $62,200 and no significant price fluctuations.
This suggests that investors have confidence in crypto's resilience, even in the face of new regulations.
Governor Cooper’s move has sparked further discussions about digital currencies in North Carolina, weighing the benefits of technology against privacy concerns, and the state's approach to this issue could serve as a model for others facing similar challenges.
This move enables North Carolina to maintain its position at the forefront of tech progress while also protecting privacy and freedom.
Recommendation by BetterChecked
Governor Cooper's veto pushes for a balanced take on financial innovation and privacy. It encourages everyone to talk about the future of digital currencies. Because, obviously, we're all experts in cryptocurrency, right?
