North Carolina proposes investing in Bitcoin ETF, potentially involving over $10 billion in public funds

According to Decrypt, North Carolina lawmakers have proposed investing up to 10% of the state's public funds and retirement system funds in a Bitcoin ETF. The proposal was submitted by Congressman Deborah Ross (D-NC) on Monday, and if approved, the state government may invest over $10 billion in Bitcoin related funds. The bill does not directly mention Bitcoin, but requires investment in ETFs that track digital assets with a market value of at least $750 billion. Currently, the only cryptocurrency that meets this standard is Bitcoin. In recent years, North Carolina has actively promoted cryptocurrency friendly legislation, having previously passed a bill prohibiting the state government from accepting central bank digital currency (CBDC) payments. However, lawmakers within the state remain cautious about the cryptocurrency industry and have proposed banning or strictly regulating cryptocurrency mining in counties such as Henderson, Polk, and Rutherford. The bill allows state finance departments to directly invest in Bitcoin ETFs or manage them through third-party institutions, but third-party institutions are required to provide annual audited financial reports unless the finance department waives this requirement based on cost-benefit analysis.