North Carolina Senate Committee Supports Bill to Regulate Bitcoin, Coin Center Responds with Feedback / 

The North Carolina Senate Commerce Committee has agreed to support a House Bill drafted by North Carolina’s banking commissioner regarding money transmission.

The bill, titled “AN ACT TO ENACT THE NORTH CAROLINA MONEY TRANSMITTERS ACT AS 3 REQUESTED BY THE OFFICE OF THE NORTH CAROLINA COMMISSIONER OF 4 BANKS,” states that money transmission includes maintaining control of virtual currency on behalf of others, and that the “online-only money” [bitcoin] is converted to cash using digital currency exchanges and the holder keeps it stored online.

The bill passed the House back in May and is in the process of being approved by another panel of senators.

Some senators have agreed to support the bill and to give officials of North Carolina tools to regulate and set restrictions for bitcoin and other digital currencies. The support derives from their concern toward digital currencies, and how they are not backed by a government or a centralized entity.