Home cryptocurency North Carolina Bill Gives legal Definitions To Currencies like Bitcoin and Tokens

North Carolina Bill Gives legal Definitions To Currencies like Bitcoin and Tokens

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North Carolina
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North Carolina’s House Bill 86 has been presented to Governor Roy Cooper and awaits his signature. The North Carolina House Bill 86 Includes Money Transmission Changes and Licensure Guidelines in Regard to Virtual Currencies.

On June 14, 2018, North Carolina’s general assembly unanimously ratified House Bill 86 which adds new language to the state’s permissible investments and statutory trust under the Money Transmitters Act.

The bill’s final revision includes legal definitions concerning virtual currencies like bitcoin and other tokens. North Carolina’s legislation also requires the licensure of businesses that work with cryptocurrency activities. Furthermore, the state’s Commissioner of Banks Ray Grace can request data from the licensed cryptocurrency firm at any time.

North Carolina House Bill 86 states: If the licensee possesses virtual currency as permissible investments under this Article, the Commissioner may at any time request that the licensee verify, in a manner acceptable to the Commissioner, aggregate virtual currency transmission obligations outstanding and virtual currency held as permissible investments, including virtual currency stored offline.

Coinbase executive Mike Lempres is very excited about the passage of House Bill 86 and formally thanked the banking commissioner, representatives Tim Moore, Dan Bishop, Jon Hardister, Bill Rabon, Stephen Ross, Jason Saine, and Jeff Tarte for helping bolster the legislation.

Mike Lempres said that the, “Passage of House Bill 86 exemplifies how regulators and legislators can work together to foster innovation by either licensing cryptocurrency money transmissions or exempting cryptocurrency from money transmission laws,”

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The Coinbase executive continued: “By helping cryptocurrency companies comply with the letter of the law, leaders in both states are paving the way for the economic and social benefits of this new technology to flourish within their communities.”

Everyone is having different opinion to this bill. But what do you think about North Carolina’s House Bill 86?

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