The Bitcoin Reserve Bill in North Carolina, USA has passed its first reading

According to Bitcoin Magazine, North Carolina has officially proposed Bill No. 327, the North Carolina Bitcoin Reserve and Investment Act. The bill was initiated by Senators Johnson and Overcash and passed its first reading on March 19.

The bill aims to authorize the state treasurer to allocate up to 10% of public funds to Bitcoin as part of the state's long-term financial strategy. The bill also allows for regulated yield-generating activities such as staking and lending, requires Bitcoin to be stored in multi-signature cold wallets, establishes a dedicated custodial department within the state, creates a Bitcoin Economic Advisory Committee for guidance, and mandates monthly audits.