The North Carolina Bitcoin Reserve Bill has passed its first reading.

CoinFeed reported on March 20th that, according to Bitcoin Magazine, North Carolina has formally introduced Bill 327, the "North Carolina Bitcoin Reserve and Investment Act." Initiated by Senators Johnson and Overcash, the bill passed its first reading on March 19th. The bill proposes authorizing 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 regulated yield-generating activities such as staking and lending, requires Bitcoin to be stored in multi-signature cold wallets, establishes a dedicated state custody department, and sets up a Bitcoin Economic Advisory Committee to provide guidance and conduct monthly audits.