Follow Us @
Ohio State Introduces Law to Create Bitcoin Reserve
-Trending Marketing news, content marketing, latest Ways to rank your website, marketing discoveries, Local SEO, seo and social media marketing services. enjoy your stay on our website.
The state of Ohio is yet another to enter the race for creating reserves in Bitcoin (BTC). The proposal came from Derek Merrin, state deputy, who presented the project at the state congress on Tuesday (17).
Merrin presented Bill 703, known as the Ohio Bitcoin Reserve Act, to his colleagues. According to a post by the congressman on X, the law grants the state Treasury authorization to invest resources in Bitcoin.
The law follows efforts by the US Congress to pass the creation of a national Bitcoin reserve. The project authored by Senator Cinthia Lummis provides that states can make their own reserves and consolidate them in the national reserve. Even with consolidation, each state would have control over its Bitcoins.
The surprising fact of the statement was the emphasis Merrin gave on the continued devaluation of the US dollar, which loses value every day. Currency devaluation has become a topic present in the daily lives of Americans since the great inflation of 2021, and now it is reaching political circles.
Ohio Bitcoin Reserve Law
In this sense, Merrin and other representatives in the US are positioning Bitcoin as a strategic reserve asset to preserve value of state funds. In other words, prevent state and federal finances from suffering from the loss of the purchasing power of the dollar.
At the same time, the Ohio congressman highlighted that BTC can ccomplement the structure existing financial system, as it is also a payment system.
The bill does not oblige the state Treasury to purchase Bitcoin, but gives it authority and flexibility to make such investments. Therefore, it will be up to the body to decide whether to acquire BTC and what percentage of reserves will be allocated.
The proposal already has several supporters, such as Andrew Burchwell, executive director of the Ohio Blockchain Council, who highlighted the growing adoption of Bitcoin as a reserve asset. Burchwell praised Rep. Merrin for positioning Ohio as a leader in this movement.
In addition to Ohio, the state of Florida also considers allocate part of your pension fund resources in BTC.
Merrin’s proposal to create a Bitcoin reserve positions Ohio alongside other states pursuing similar initiatives.
Ohio State Introduces Law to Create Bitcoin Reserve
Follow TODAYSGIST on Google News and receive alerts for the main trending SEO news, Ai news, latest Ways to rank your website, marketing discoveries, Local SEO and lots more!
Ohio State Introduces Law to Create Bitcoin Reserve
SHARE POST AND EARN REWARDS:
Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program
FIRST TIME REACTIONS:
Ohio State Introduces Law to Create Bitcoin Reserve
Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.
JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >
Ohio State Introduces Law to Create Bitcoin Reserve
