Missouri Introduces Bitcoin Reserve Bill to Diversify State Finances

Missouri has joined the growing list of states considering Bitcoin adoption by introducing House Bill 1217, a proposal to establish a Bitcoin Strategic Reserve Fund. The bill, filed on February 6 by Representative Ben Keathley, aims to create a fund that would allow the state treasurer to invest in and hold Bitcoin (BTC) as a hedge against inflation.

Key Provisions of the Bill

The proposed legislation would grant the Missouri treasurer the authority to receive, invest, and hold Bitcoin through investments, gifts, or donations from government entities and residents. The bill also requires all state and local government agencies to accept cryptocurrency for taxes, fees, and fines, with payers covering transaction costs.

Notably, Bitcoin acquired under this law would be held for a minimum of five years, demonstrating the state’s commitment to long-term investment in the cryptocurrency.

Missouri Joins the Trend of State-Level Bitcoin Adoption

Missouri’s move follows a growing trend among U.S. states exploring Bitcoin adoption. Utah is advancing a similar bill, House Bill 230, which would permit its treasurer to invest up to 5% of certain public funds in digital assets. At least 16 states, including Ohio, Wyoming, and New Hampshire, are currently considering similar Bitcoin reserve initiatives.

As the trend of state-level Bitcoin adoption continues to grow, it’s essential for investors and cryptocurrency enthusiasts to stay informed about the latest developments in the space.

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