Provision to grant BTC investment authority to the state treasury
"BTC should be used to prevent waste of state budget"
The bill will be discussed at the general meeting on January 6 next year
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Derek Merrin, a member of the Ohio House of Representatives, introduced the 'Ohio Bitcoin Reserve Act (HB 703)' to the legislature on the 18th. HB 703 includes a provision that allows the state treasury to purchase Bitcoin as part of the state budget allocation.
Merrin explained the significance of introducing HB 703, saying "the US dollar is rapidly depreciating" and "the state treasurer should be given the authority to invest in Bitcoin when deciding on the state budget allocation." He also emphasized that "Ohio must embrace technology and prevent tax waste."
HB 703 is expected to be discussed in detail at the 136th general meeting scheduled for January 6 next year.
Merrin said "Bitcoin is revolutionizing finance and will reshape the global economy," and "HB 703 will provide a framework for the state government to strengthen its finances by utilizing the power of Bitcoin."
This month, Bitcoin acquisition bills for state governments were submitted in 3 states in the US. Earlier this month, Pennsylvania state legislators submitted a bill allowing the state government to hold up to 10% of the state budget in Bitcoin. A few days later, Giovanni Capriglione, a Texas state representative, also introduced the 'Texas Strategic Bitcoin Reserve Act' to the legislature, which would allow the state to acquire Bitcoin through voluntary donations from Texas residents.
Reporter Kwon Seung-won ksw@blockstreet.co.kr
