Key Takeaways
- Missouri’s Home Invoice 1217 proposes a Bitcoin reserve fund.
- The invoice mandates Bitcoin acceptance for state funds.
- 16 U.S. states are contemplating Bitcoin reserve laws.
Missouri Consultant Ben Keathley has launched Home Invoice 1217, which proposes the institution of a Bitcoin Strategic Reserve Fund to diversify the state’s investments and hedge in opposition to fiat forex inflation.
Bitcoin reserve fund particulars
Filed on Feb. 6, the invoice would permit the Missouri treasurer to obtain, make investments, and maintain Bitcoin underneath particular situations.
It additionally proposes that authorities entities in Missouri should settle for Bitcoin for funds resembling taxes, charges, and fines, with payees answerable for protecting transaction charges.
Holding technique
Moreover, the invoice outlines a long-term Bitcoin holding technique, requiring the state treasurer to retailer Bitcoin for not less than 5 years after acquisition.
Implementation timeline
HB 1217 would authorize the Missouri state treasurer to put money into Bitcoin utilizing state funds.
The invoice is about to take impact on Aug. 28, pending additional discussions. Nevertheless, a second listening to has but to be scheduled.
Nationwide context
Missouri’s initiative follows an identical Bitcoin reserve invoice in Utah, which handed by way of the Home on Feb. 6 and is now transferring to the Senate.
Utah’s Home Invoice 230, launched by Consultant Jordan Teuscher, seeks to allocate as much as 5% of sure public funds to Bitcoin and different digital property.
Different states’ progress
As of Feb. 7, a complete of 16 U.S. states are actively discussing Bitcoin strategic reserve laws, with Utah main the best way towards enactment.
Different states contemplating comparable measures embrace Arizona, Kentucky, New Hampshire, and Wyoming.