North Carolina Introduces Bill to Allow Digital Assets in Tax Payments
North Carolina lawmakers have introduced a new bill, H.B. 920, aimed at recognizing digital assets as a valid medium of exchange for tax payments and economic transactions within the state.
Known as the Digital Asset Freedom Act, the bill seeks to integrate cryptocurrency into the state’s financial framework, ensuring that transactions made with digital assets are legally recognized and enforceable.
Criteria for Eligible Digital Assets
The bill sets clear criteria for digital assets to qualify for use in economic transactions. To be considered eligible, a digital asset must meet the following conditions:
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Market Capitalization: At least $750 billion.
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Trading Volume: A daily trading volume of at least $10 billion.
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Proven History: A minimum of 10 years of operation in an open market.
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Security and Censorship Resistance: Proven security measures and resistance to censorship.
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Decentralization: The asset must be decentralized, free from insider control or central authority.
The bill does not specify any particular cryptocurrencies, leaving it open-ended but emphasizing decentralized, secure, and widely adopted digital assets, possibly signaling support for established cryptocurrencies like Bitcoin.
Growing Crypto-Friendly Legislation in North Carolina
The introduction of the Digital Asset Freedom Act comes as part of a larger wave of crypto-related legislative efforts in North Carolina. The state has been actively exploring ways to incorporate cryptocurrencies into its economy. Previous bills, including House Bill 506 and Senate Bill 709, have sought to establish an investment authority for cryptocurrencies, and others have focused on allowing the State Treasurer to invest in BTC.
Implications for North Carolina and Beyond
If the Digital Asset Freedom Act passes, it could set a precedent for other states looking to regulate and integrate cryptocurrency into their financial systems. North Carolina’s proactive stance may encourage further adoption of digital assets in mainstream financial transactions and investment, providing a blueprint for other states to follow in the rapidly evolving cryptocurrency space.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a "detective-like" mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
