North Carolina joins Florida in passing anti-CBDC legislation North Carolina joins Florida in passing anti-CBDC legislation
Dennis Porter said 'We are winning' in response to the state of North Carolina passing bill blocking CBDC payments.
2 min read
Updated: May. 4, 2023 at 11:06 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
North Carolina lawmakers have passed a bill to ban central bank digital currency (CBDC) payments and block the state from participating in testing — according to the co-founder of the Satoshi Action Fund, Dennis Porter.
CBDC controversy
Updates on the progress of the digital dollar appear to have dried up in favor of the FedNow instant payment service — scheduled to launch in July.
In March, former Coinbase CTO Balaji Srinivasan implied that FedNow is the precursor to the coming digital dollar system.
Proponents say CBDCs reduce the cost of running a currency system, reduce cross-border payment friction, and tackle counterfeiting to ensure a safer monetary system.
Meanwhile, critics raise concerns about the infringement of personal privacy, centralization of power, and the potential for security breaches, as hackers may target a single point of attack.
Considering the authoritarian response to the health crisis, others have further sounded the alarm on CBDCs being the cornerstone to a New World Order.
During a recent Fox News appearance, former U.S. government official Catherine Fitts launched a scathing attack on CBDCs — calling them a “financial transaction control grid.”
She called on viewers not to fall for the propaganda that they are convenient and a necessary evolution of money:
“We don’t understand that when this gate closes on us, we will literally be sitting in a system where the central banks believe our assets belong to them…”
Winning the war
Pointing out that the states of Florida and North Carolina have now passed anti-CBDC legislation, Porter said, “We are winning.”
On March 20, Florida Governor Ron Desantos announced legislation to protect state residents from the “weaponization of the financial sector” via CBDCs. He said he would not side with central planners or adopt policies threatening economic freedom.
“This proposal continues the strong track record of Governor DeSantis pushing back on an overreaching federal government.”
Around the same time, Senator Ted Cruz introduced legislation to prohibit the development of a digital dollar on the grounds of it being used as “a financial surveillance tool.”
In a press release, Senator Cruz said the federal government has no authority to roll out a CBDC — adding that such a tool would stifle entrepreneurship, innovation, and freedom.
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Dennis Porter is the co-founder and chairman of Satoshi Action Fund, a 501(c)(4) non-profit educational organization dedicated to informing policymakers and regulators about Bitcoin mining’s benefits and how it can be used as a tool to support other public policy goals.