- Tennessee plans to add Bitcoin to state reserves, with strict limits and BTC only.
- The move follows a wider U.S. trend, as states cautiously adopt Bitcoin.
Tennessee, A state in the United States, is taking major steps towards adding Bitcoin to its public financial reserves. State Lawmakers have advanced a new bill that allows the state to officially hold Bitcoin using state funds
How the Bill works once passed
Jody Barrett, a Tennessee state representative, introduced this bill earlier this month. If the bill is passed, then it would give the state treasurer the ability to buy and hold bitcoin. The bill includes strict rules, and the state could use money only from the general fund, revenue fluctuation reserve, and other funds approved by the lawmakers. The bitcoin exposure would be limited to 10% of the eligible funds at the time of the purchase. Annual purchases would be limited to 5% until the cap is reached, and only Bitcoin is allowed to be purchased. The state does not need to sell Bitcoin if the price goes above the limit.
The Bill has moved forward in the state legislature, and the final vote timeline has not yet been announced. The recent changes in the state towards Bitcoin show that the state is working to formally regulate and support crypto activity, and once it is approved, the state will officially join other states that are considering Bitcoin as a part of public financial planning
Many States moves towards Bitcoin Reserves
Many other states in the United States are also exploring Bitcoin reserves, including South Dakota, where the lawmakers have proposed similar legislation, and Kansas, which introduced a Bitcoin reserve bill. Supporters say that this move from many states in the U.S. shows that the states are considering Bitcoin reserves as a long-term storage value and a strategic asset in uncertain economic times.
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