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Ohio Proposes Bitcoin Reserve Fund to Strengthen State Treasury Investments
In a latest move, the state of Ohio has proposed the creation of a Bitcoin reserve fund within its treasury. The proposed bill, known as the Ohio Bitcoin Reserve Act, aims to strengthen state investments by allowing the allocation of public funds in Bitcoin.
The legislation, which has been put forward by Ohio State Representative Derek Merrin, seeks to provide greater flexibility for the state’s assets management plans. Under the proposed law, the state treasurer will be empowered to invest a portion of public funds in Bitcoin as a means of diversifying its financial portfolio.
This development follows similar initiatives taken by other states in the US. Pennsylvania and Texas have already introduced bills aimed at creating strategic reserves of cryptocurrency, further emphasizing the growing interest in crypto adoption among government institutions.
The proposed law comes amidst increasing concerns about inflation and the need for alternative investment strategies. By investing in Bitcoin, Ohio aims to protect its treasury funds from potential devaluation caused by inflation. This move highlights the state’s willingness to explore new financial avenues and potentially reduce the risks associated with traditional investments.
The bill will be reintroduced during the 2025 General Assembly, providing an opportunity for further discussion and debate on the matter. It is expected that this proposal will serve as a foundation for future discussions on integrating cryptocurrency into Ohio’s financial policies.
Ohio joins Pennsylvania and Texas in exploring the possibility of creating strategic reserves of Bitcoin. This growing trend demonstrates the shifting attitudes towards crypto among government institutions and may signal the beginning of a new era where governments actively explore alternative investment options to ensure financial stability.
In related news, a separate proposal by the Bitcoin Policy Institute has suggested the creation of a U.S. Strategic Bitcoin Reserve to boost financial stability.
Source: cryptonewsland.com
