North Carolina Bitcoin Reserve Bill Passes First Reading, Proposing to Allocate 10% of Public Funds to Bitcoin

On March 20, according to the latest X post from Bitcoin Magazine, Bill No. 327 proposed by North Carolina, titled "North Carolina Bitcoin Reserve and Investment Act," officially passed its first reading on March 19.

According to reports, the bill is sponsored by Senators Johnson and Overcash as the primary initiators. Its core content authorizes the state treasurer to allocate up to 10% of public funds to bitcoin as part of the state's long-term financial strategy.

To ensure asset security, the bill requires that bitcoin allocated from public funds must be stored in multi-signature cold wallets, with a dedicated custodial department established within the state to manage them. This aims to build a comprehensive asset security protection system from storage methods to management entities.

The bill grants the custodial department certain authority, allowing it to conduct revenue-generating activities within the regulatory framework, with common business operations such as staking and lending within the permitted scope.

In this way, the custodial department can leverage these activities to create more revenue opportunities for relevant entities, while also enriching the modes and pathways of overall 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 will become one of the first states in the United States to directly allocate public funds to bitcoin. Although the bill has passed its first reading, it will still require multiple rounds of review in the subsequent process.

#State-level Bitcoin Strategic Reserve