North Carolina To Commission A $50K Treasury Study To Find Out Whether It Should Hold Bitcoin
"The North Carolina House of Representatives has passed House Bill 721, which includes provisions to study the acquisition and potential benefits of virtual currency, with a specific focus on Bitcoin."
"The bill, titled State Precious Metals Depository Study, aims to examine the process of securely holding, insuring, and liquidating virtual currency on behalf of the state. It has now been referred to the Senate for further consideration," wrote Bitcoin Magazine.
"The Department of State Treasurer shall conduct a study that examines: - (i) the process of acquiring, securely storing, insuring, and liquidating any investment metal bullion as defined in G.S. 105-164.13(69), such as gold, and virtual currency as defined in G.S. 53-208.42(20), such as Bitcoin, that may be held on behalf of the State; - (ii) the expected impact of allocating a portion of the General Fund to investment metal bullion and virtual currency to hedge against inflation and systemic credit risks, reduce overall portfolio volatility, and increase portfolio returns over time; - (iii) the costs, benefits, and security of utilizing a privately managed depository or another state's depository or creating a State-administered depository in North Carolina to serve as the custodian, guardian, and administrator of certain investment metal bullion and virtual currency that may be transferred to or otherwise acquired by this State or an agency, a political subdivision, or another instrumentality of this State and to provide a repository for investors to use for such assets."
"There is appropriated from the General Fund to the Department of State Treasurer the nonrecurring sum of fifty thousand dollars ($50,000) for the 2023-2024 fiscal year to conduct the study required by this act," states the document.
"The Department of State Treasurer shall report on the results of the study, along with any legislative or other recommendations, to the Joint Legislative Commission on Governmental Operations by January 1, 2024."