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Ohio Follows Pennsylvania, Texas in Pursuing State-Level Bitcoin Reserves

Ohio Follows Pennsylvania, Texas in Pursuing State-Level Bitcoin Reserves
© Copyright Image: CryptoPotato

Ohio State Representative Derek Merrin has introduced House Bill 703, known as the Ohio Bitcoin Reserve Act, in a bid to authorize the state treasurer to invest public funds in BTC.

The latest initiative is announced as part of Merrins broader vision to leverage innovative financial solutions. The legislation provides the framework for Ohio to incorporate Bitcoin into its state treasury portfolio.

Ohio Bitcoin Reserve Act

Merrin highlighted concerns about the ongoing devaluation of the US dollar, positioning Bitcoin as a strategic reserve asset to preserve state funds value and supplement the existing financial framework. While the bill does not mandate the purchase of Bitcoin, it gives the State Treasurer the authority and flexibility to make such investments as part of asset allocation decisions.

He stated,

Bitcoin is revolutionizing finance and will reshape world economies. We must have sound money its like digital property rights for everyone who owns it. This legislation sets up the framework for Ohios state government to harness the power of Bitcoin to strengthen our state finances.

The bill also anticipates further federal-level efforts, referencing potential proposals from lawmakers like Senator Cynthia Lummis to establish a national Bitcoin reserve under the incoming administration.

Supporters like Andrew Burchwell, Executive Director of the Ohio Blockchain Council, also highlighted Bitcoins increasing adoption as a reserve asset globally, praising the legislation for positioning Ohio as a leader in this movement.

State Bitcoin Reserves

Merrins proposal to create a Bitcoin reserve positions Ohio alongside other states pursuing similar initiatives.

For instance, in Pennsylvania, Republican Reps. Mike Cabell and Aaron Kaufer introduced the Pennsylvania Bitcoin Strategic Reserve Act in November. The bill allows the treasury to allocate up to 10% of the states $7 billion fund into Bitcoin to hedge against inflation and reduce reliance on traditional investments like bonds and cash reserves.

In Texas, Republican Rep. Giovanni Capriglione filed House Bill 1598, establishing a strategic Bitcoin reserve account funded entirely through donations. Unlike Pennsylvanias approach, the assets in Texass reserve would be held for up to five years.

The post Ohio Follows Pennsylvania, Texas in Pursuing State-Level Bitcoin Reserves appeared first on CryptoPotato.

Read more: https://cryptopotato.com/ohio-follows-pennsylvania-texas-in-pursuing-state-level-bitcoin-reserves/

Text source: CryptoPotato

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
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