North Carolina lawmakers have introduced a new bill that could allow residents to use cryptocurrency for state tax payments and other transactions. Filed on April 11 by Representative Neal Jackson and two co-sponsors, the bill is titled the Digital Asset Freedom Act (HB 920).
According to the proposal, digital assets that meet specific criteria would be recognized as legal mediums of exchange in North Carolina. The legislation establishes clear terms that prevent denying legal validity to contracts and transactions based on their usage of cryptographic assets.
This proposed legislation would transform the current financial technology policies throughout the state. The law defines specific conditions under its guidelines to qualify digital assets for acceptance.
Also Read: Pi Network Under Fire as Token Unlocks Trigger Sell-Off and Community Backlash
Strict Asset Criteria Indicate Exclusive Bitcoin Compliance
The bill states that any qualifying digital asset must have a minimum market capitalization of $750 billion and a daily trading volume of at least $10 billion. In addition, it must have been actively traded in open markets for no less than ten years.
Security, transparency, and decentralization are also emphasized as required attributes. These strict benchmarks limit the qualification to Bitcoin, as no other cryptocurrency meets all the listed standards.
While the bill does not explicitly name Bitcoin, its outlined conditions point clearly to the asset as the only viable option. The design appears focused on reducing risk while promoting innovation in digital finance.
If passed, the bill would authorize Bitcoin to be used to pay state taxes. It would also allow individuals and businesses to engage in digital asset transactions for goods and services, provided the asset meets the approved criteria.
Legislative Trend Signals Shift Toward Digital Integration
North Carolina witnesses an intensifying legislative drive across HB 920 and other parallel pieces of legislation. In March, North Carolina lawmakers introduced House Bill 506 and Senate Bill 709 to establish a public investment authority that could use 5 percent of pension funds to support crypto assets.
Senate Bill 327, together with House Bill 92, proposes allowing Bitcoin investments under the authority of the state treasurer. Legislators appear to adopt a methodical and deliberate approach when implementing blockchain technologies for public sector operations.
The Digital Asset Freedom Act demonstrates state governments’ evolving stance regarding cryptocurrency incorporation into public financial systems. The proposal stands alongside an increasing nationwide focus on digital assets, mainly as they apply to governmental operations, although formal law has not yet been established.
Conclusion
HB 920 signals a deliberate step by North Carolina toward legitimizing digital currencies in public systems. Its clear framework and targeted conditions reflect caution and intent in embracing a regulated crypto future.
Also Read: SEC Backs Off as Helium’s Nova Labs Wins Major Legal Battle Over Crypto Tokens
