Blockchain-Friendly Digital Currency Bill Passed in North Carolina

Last Wednesday, July 6th, North Carolina passed the North Carolina Money Transmitters Act, updating its money transmission statute to clarify the rules for digital currency startups, according to a recent American Banker article.

The updates effectively helped define what the state considers monetary value, including "virtual currency," according to a news release from the Chamber of Digital Commerce, who worked with North Carolina’s banking commissioner and General Assembly to help shape a more “business-friendly” policy. Under the new law, business-to-business transactions are largely exempt from the statute, which is geared toward money transmission activity for "personal, family, or household purposes."

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