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A Missouri bill proposes a Bitcoin reserve fund for state investments.
Bill 1217, introduced by Representative Ben Keathley, aims to establish a Bitcoin reserve fund for Missouri and require the acceptance of cryptocurrencies for state payments.
Missouri Representative Ben Keathley introduced Bill HB 1217, which proposes the creation of a Strategic Bitcoin Reserve Fund to diversify the state's investment portfolio.
On February 6, Keathley introduced Bill HB 1217, which proposes that the state of Missouri diversify its portfolio to include Bitcoin as a hedge against inflation of fiat currency. If it becomes law, the bill will allow the Treasurer of Missouri to "receive, invest, and hold Bitcoin under certain circumstances".
Missouri's bitcoin holding strategy.
In the introductory bill, Keathley recommended the establishment of a Strategic Bitcoin Reserve Fund for the state treasurer to oversee. The Bitcoin fund would also be able to raise Bitcoin through gifts and donations from government entities and residents of Missouri.
It would also require all government entities in Missouri to accept cryptocurrencies for uses approved by the Department of Revenue, which would include taxes, fees, fines, and other eligible payments. However, beneficiaries would be required to cover transaction costs.
