A Missouri bill proposes establishing a Bitcoin reserve fund for state investments
House Bill 1217 would create a Bitcoin reserve fund, letting the state treasurer buy, hold, and accept Bitcoin donations.
If passed, all government offices in Missouri must accept cryptocurrency for taxes, fees, and fines, with payers covering transaction fees. Bitcoin collected cannot be sold for five years.
Utah has passed a similar bill, and at least 16 other states, including Arizona and Wyoming, are considering cryptocurrency investments.
Missouri’s Plan to Create a Bitcoin Reserve Fund
A new bill introduced by Representative Ben Keathley moves Missouri a step closer to adopting Bitcoin. House Bill 1217 creates the opportunity for a bitcoin reserve fund for the state so that it can invest in bitcoin as part of its financial strategy.
The idea is that the usage of bitcoins will protect the state’s investment from inflation, ensuring more diversification in investments. If the bill gets passed, it will allow the Missouri state treasurer to buy, hold, and manage Bitcoin. The bill further allows the state to accept donations in Bitcoin by residents and governmental entities to further grow the reserve.
