North Carolina Follows Florida in Passing Legislation Against CBDCs

North Carolina has become the latest state to ban central bank digital currency (CBDC) payments and testing. Lawmakers in North Carolina have passed a bill to ban central bank digital currency (CBDC) payments and block the state from participating in testing, according to Dennis Porter, co-founder of the Satoshi Action Fund.

The digital dollar, which was previously touted as a potential solution for reducing currency system costs, cross-border payment friction, and counterfeiting, seems to have taken a backseat to the FedNow instant payment service, which is set to launch in July.

However, critics have raised concerns about personal privacy infringement, centralization of power, and security breaches, which could make the system vulnerable to hacking.

The progress of the digital dollar has appeared to have stalled in favor of the FedNow instant payment service, which is scheduled to launch in July.

Former Coinbase CTO Balaji Srinivasan has suggested that FedNow is a precursor to the digital dollar system. Supporters say CBDCs reduce the cost of running a currency system and reduce cross-border payment friction, but critics raise concerns about privacy, centralization, and security.

Catherine Fitts, a former US government official, has criticized CBDCs, calling them a “financial transaction control grid.”

She urged viewers not to believe the propaganda that they are convenient and necessary. Florida and North Carolina have passed anti-CBDC legislation, with Porter claiming “we are winning.”

Senator Ted Cruz has introduced legislation to prohibit the development of a digital dollar, arguing that it would stifle innovation and freedom.

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