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North Carolina lawmakers approve bill seeking study on state adoption of Bitcoin

  • The “State Precious Metals Depository Study” bill received bipartisan support and passed 75-38.
  • North Carolina could look into adding Bitcoin to its State Treasury if the bill is passed.
  • In May, the house voted for another bill that seeks to ban CBDCs in the state. 

North Carolina’s lower house has passed a bill that could see the state initiate a study into the potential benefits of the state’s Department of State Treasury adopting Bitcoin.

North Carolina seeks to add BTC to treasury

The “State Precious Metals Depository Study” bill outlines the custody, insurance and liquidation of crypto assets held by the state. It passed 75-38 with bipartisan support and will now be debated in the Senate.

If passed, it will open the path for BTC and gold to be considered as assets that can be added to North Carolina’s funds. Specifically, the house’s approval puts North Carolina one step towards adding Bitcoin to the state’s holdings. 

“This is a very important step to a more formal acknowledgement of #bitcoin in North Carolina. Lots of behind the scenes work,” said Dan Spuller, Head of Industry Affairs at Blockchain Association.

Spuller noted that the passage of HB721 marks the second time a bill pushed by the North Carolina Blockchain Initiative has received bipartisan support in the General Assembly in 2023.

In early May, the house unanimously passed HB690, a bill that banned the use of central bank digital currencies (CBDCs) in payments in the state. The bill also bans North Carolina from participating in any testing of CBDC.

The state of CBDCs globally

A recent survey showed that 130 countries around the world were in various stages of development towards a central bank issued digital currency. According to US-based think tank Atlantic Council these countries included all G20 members.

As highlighted here, China’s CBDC pilot continues and has support from country’s major banks. Meanwhile, India and Brazil are set to launch their versions in 2024. 

The European Central Bank is also looking to begin a pilot for the digital euro and the UK is exploring its “Britcoin” project. In the US, work on a CBDC is advancing only on its use at bank-to-bank level, with the retail digital dollar largely stuck.

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ETH/USD price forecast – a bullish flag hints at further strength

  • Ethereum forms two bullish flag patterns
  • Both patterns’ measured moves indicate a new yearly high
  • A move to $2600 would confirm the biggest bullish flag

The cryptocurrency market remains resilient despite the ongoing scandals that affect the industry. Investors still believe in the leading cryptocurrency’s potential; as such, Bitcoin, Ethereum,  and other coins trade close to their 2023 high.

Bitcoin made a new high for the year recently, but Ethereum did not. Hence, if Bitcoin is leading, then Ethereum should follow.

Interestingly, the technical analysis shows two bullish flag patterns. They both point to new highs for the year; any downside movement should be taken with a grain of salt.

Ethereum chart by TradingView

$2,000 offers stiff resistance

The market failed at the $2,000 level recently. Even though it made a new high for the year, the bears sold the round level, and the price quickly fell to $1,600.

But in doing so, it did not break the higher lows series. Also, two bullish flag patterns are visible, with measured moves above $2,000.

The biggest pattern, seen in black above, points to a move to $2,600. The smallest one, to a move to $2,200.

In both cases, it means that Ethereum will make a new high for the year, and the bias remains bullish as long as the price action holds above $1,600.

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Slovakia to reduce crypto income tax rate: will more countries follow suit?

Key takeaways

  • Slovakian lawmakers have voted in favour of reducing cryptocurrency income tax in the country.

  • The move could see more cryptocurrency investors in the country and could benefit the broader crypto market.

Slovakian lawmakers voted in favour of a law designed to cut taxes on the sale of cryptocurrencies. The new income tax bill in the country seeks to reduce the tax burden in connection with the sale of virtual currencies, thereby simplifying their use in everyday life. 

If the new bill is passed, the taxation on cryptocurrency income would be reduced to 7%. How does the new bill affect the broader cryptocurrency market, and could more countries implement similar cuts? 

What does this mean for Bitcoin and AltSignals?

The cryptocurrency market has performed excellently since the start of the year, with Bitcoin and other leading cryptocurrencies up by more than 40% during that period.

Bitcoin recently touched the $31k level before retracing, with the price of Bitcoin now at $30,617. 

If the new bill is passed in Slovakia, it could boost cryptocurrency adoption in the country as more investors could enter the market.

Subsequently, similar bills could also be introduced by other European countries, depending on the level of success. 

Bitcoin could rally in the near to medium term, and that could also positively affect the prices of numerous cryptocurrencies. AltSignals could be one of the cryptocurrencies that could benefit from the crypto market experiencing a rally in the coming weeks and months. 

As a trading-focused project, AltSignals could benefit from an influx of funds into the cryptocurrency market. With more people entering the cryptocurrency market, AltSignals could experience a surge in adoption, and this could see its native token, ASI, rally higher. 

With the presale stage set to end soon, this could be an excellent time to invest in AltSignals. It is a niche-focused cryptocurrency project that could gain massive adoption by crypto and forex traders. 

What is AltSignals?

AltSignals is a trading platform that provides trading signals for stocks, forex, indices, cryptocurrencies, and CFDs. 

The project is still in its presale stage and looks likely to finish raising its funds soon. At the moment, the development team has raised 96% of the funds required to develop its products and service. With a target of $1,080,000, AltSignals has raised $1,038,697.905 so far. 

ASI, the native token of the AltSignals ecosystem, is currently sold for 0.015 USDT. However, past events indicate that ASI could rally higher once the team launches its products and the token lists on crypto exchanges. 

According to their whitepaper, the AltSignals team will use the generated funds to develop ActualizeAI, a solution that could make it easier for more people to enter the cryptocurrency trading scene. 

AltSignals explained that ActualizeAI would be a fully automated solution and would work 24/7, making it easier for users to trade cryptocurrencies. 

Visit the official AltSignals website to learn more about their presale.

Should you invest in AltSignals now?

Bitcoin has stayed above the $30k level for the past few days. With the market sentiment currently on the positive side and the move by Slovakia to reduce crypto income tax, this could be an excellent time to invest in cryptocurrencies. 

Asides from Bitcoin, some altcoins could benefit from the crypto market’s ongoing positive performance. AltSignals could be one of the biggest winners once the project launches and its ASI token becomes available on cryptocurrency exchanges. 

If the development team delivers on its promise of a platform dedicated to traders, AltSignals could see an influx of traders on its platform, and that could positively impact ASI’s price in the medium and long term. 

Furthermore, the launch of ActualizeAI could also positively contribute to the adoption rate of AltSignals over the coming months and years.

The post Slovakia to reduce crypto income tax rate: will more countries follow suit? appeared first on CoinJournal.