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In significant development, the Maryland state delegate, Caylin Young, introduced the “Strategic Bitcoin Reserve ACT from Maryland”. The latest move reflects a growing trend among US countries to diversify their financial assets in digital currencies, recognizing the potential of bitcoin and as an investment and protection against inflation.
Significantly, Maryland suggests that he create a bitcoin spare fund, which would be used as a reserve asset for a state by investing in Bitcoin. In addition, it would allow the state treasurer to invest the funds obtained from the implementation of certain gambling violations in Bitcoin.
A growing trend of adoption of cryptocurrency at the state level
Recently, Kentucky presented the Bitcoin Law on Bitcoin Law, showing the increasing adoption of digital assets at the state level. February 6, a representative of Kentucky Theodore Joseph Roberts presented Bill Ky HB376. If approved, the bill would allow the State Investment Commission to award up to 10% of excess state reserves in digital assets, including Bitcoin.
Kentucky becomes the 16th American state that introduced Bitcoin reserves, joined Arizona, Alabami, Florida, Massachusetts, Missouri, New Hampshire, North Dakota, South Dakoti, Ohio, Oklahoma, Pennsylvania, Texas, Utah, Kansas. Also, Kentucky’s account follows Illinois’s announcement just a week earlier, where the state proposed an account for Bitcoin reserve with a minimum BTC strategy of five years.
In addition, recently, Missouri’s representative Ben Keathley has unveiled the House Bill 1217, which proposes to create a Bitcoin Strategic Reserve Fund for the Diversification of the State Portfalle of Investment.
Revolutionary shift in an American approach
The Val of Laws on Bitcoin Reserve Passing in the US states is a sign that fast digital assets receive the acceptance of the main course. As more countries join the trend, it could be the beginning of a revolutionary shift in the way the states in the United States access financial stability and innovation. The future of state finance looks more digital than ever!
