North Carolina Bitcoin Reserve Bill Passes First Reading, Proposes Allocating 10% of Public Funds to Bitcoin
On March 20, according to the latest X post from Bitcoin Magazine, Bill No. 327 titled "North Carolina Bitcoin Reserve and Investment Act" proposed by the U.S. state of North Carolina officially passed its first reading on March 19.
The bill was introduced by Senators Johnson and Overcash as primary sponsors. Its core provision authorizes the state treasurer to allocate up to 10% of public funds as bitcoin, as part of the state's long-term financial strategy.
To ensure asset security, the bill requires that bitcoin acquired with public funds must be stored in multi-signature cold wallets and managed by a dedicated state custodial department, aiming to establish a comprehensive asset security protection system from storage methods to management entities.
The bill grants the custodial department certain authority, allowing it to engage in yield-generating activities within the regulatory framework, with operations like staking and lending falling within the permitted scope.
In this way, the custodial department can leverage these activities to create additional revenue opportunities for relevant stakeholders, while also diversifying the modes and pathways of asset operations.
Additionally, the bill requires the establishment of a Bitcoin Economic Advisory Committee to provide professional guidance for reserve management and implements a monthly audit system to ensure transparency and standardization of departmental reserve operations.
If this proposal is ultimately passed, North Carolina would become one of the first U.S. states to directly allocate public funds to bitcoin. Although the bill has passed its first reading, it will still require multiple rounds of review going forward.
North Carolina Bitcoin Reserve Bill Passes First Reading, Proposes Allocating 10% of Public Funds to Bitcoin
On March 20, according to the latest X post from Bitcoin Magazine, Bill No. 327 titled "North Carolina Bitcoin Reserve and Investment Act" proposed by the U.S. state of North Carolina officially passed its first reading on March 19.
The bill was introduced by Senators Johnson and Overcash as primary sponsors. Its core provision authorizes the state treasurer to allocate up to 10% of public funds as bitcoin, as part of the state's long-term financial strategy.
To ensure asset security, the bill requires that bitcoin acquired with public funds must be stored in multi-signature cold wallets and managed by a dedicated state custodial department, aiming to establish a comprehensive asset security protection system from storage methods to management entities.
The bill grants the custodial department certain authority, allowing it to engage in yield-generating activities within the regulatory framework, with operations like staking and lending falling within the permitted scope.
In this way, the custodial department can leverage these activities to create additional revenue opportunities for relevant stakeholders, while also diversifying the modes and pathways of asset operations.
Additionally, the bill requires the establishment of a Bitcoin Economic Advisory Committee to provide professional guidance for reserve management and implements a monthly audit system to ensure transparency and standardization of departmental reserve operations.
If this proposal is ultimately passed, North Carolina would become one of the first U.S. states to directly allocate public funds to bitcoin. Although the bill has passed its first reading, it will still require multiple rounds of review going forward.
#State-Level Bitcoin Strategic Reserve