“United States of Cryptocurrencies. US states continue to fight for bitcoin reserves after the federal government’s decision last March. Several states are moving forward on this issue, each at their own pace, and now Florida has just introduced a bill. On the agenda is the possibility for this state to invest up to 10% of its public funds in “digital assets”. […]”, — write: businessua.com.ua
United States of Cryptocurrencies. US states continue to fight over bitcoin reserves after a federal government decision made last March . Several states are making progress on this issue, everyone at their own pace and now Florida has just introduced a bill. On the agenda is the opportunity for this state to invest up to 10% of its state funds into “digital assets”.
Key points of this article:
- In Florida, a bill was introduced that allows investing up to 10% of state funds in digital assets.
- Only Arizona, New Hampshire and Texas managed to pass similar laws, despite numerous bills filed in other states.
Florida wants to invest in “digital assets” States of the USA are clearly determined to take advantage pro-cryptocurrency by the wave caused by Donald Trump. However the results will not necessarily be obvious. Actually, only Arizona, New Hampshire and Texas managed to pass their bills.
This lack of success does not deter the locals legislators keep offering draft laws in this field, such as in Florida where the text on this issue will be discussed shortly.
The purpose of House Bill 183? Allow the state to invest up to 10% of their state funds in “digital assets”. This is done in order to take advantage of their status as means of saving value and inflation protection:
“The bill would authorize the state’s chief financial officer to invest up to 10% of certain state funds, including the general revenue fund, the budget stabilization fund and various trust funds, in ‘digital assets’ and exchange-traded products.”
Excerpt from House Bill 183 – Source: Florida Senate
Florida Joins the Race for Bitcoin Reserves – Source: Bitcoin Laws
Up to 10% of public funds in bitcoins and cryptocurrencies The bill also affects Florida Retirement System Trust Fund . It will allow state residents to pay certain taxes and fees in cryptocurrencies, with the maximum risk level again set at 10%.
Digital assets affected by this bill include Bitcoin, as well as tokenized securities and NFTs. Ultimately, these digital funds will need to be held by the CFO, qualified custodian or through SEC-registered ETF .
For the founder of the American website Bitcoin Laws, which follows the progress of various draft laws in the country, there are good reasons to hope to see state reserves in the near future:
“More than 50 reservation bills have been introduced across the country this year. I expect this number to increase in the next session.”
Julian Fahrer, founder of Bitcoin Laws – Source: The Block
Thus, Florida joins a long list of US states willing to adopt cryptocurrencies as a financial instrument, but Florida, like Massachusetts, will need to persuade recalcitrant or ill-informed legislators, or even both.
Source: journalducoin.com
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