Ohio officials revisit Bitcoin reserve bill
Date: 2025-02-06 Author: Henry Casey Categories: IN WORLD
Ohio Senator Sandra O'Brien sponsored SB57, which was submitted to the Financial Institutions, Insurance, and Technology Committee. It proposes to create the Ohio Bitcoin Reserve Fund, which would be managed by the state Treasury. O'Brien emphasizes the need for reliable custodial solutions for storing digital assets.
The document also proposes the introduction of cryptocurrency payments for government agencies and departments. This will allow Ohioans to pay taxes, fines, and other government fees using digital assets. After receiving cryptocurrency payments, departments will be required to convert them into bitcoins and transfer them to the reserve fund. In addition, the possibility of voluntary donations of BTC to the fund from citizens, government organizations, and educational institutions is provided. An incentive program is planned for large donors.
“Cryptocurrency will be a major part of President Donald Trump’s economic strategy. When his task force makes recommendations for a strategic bitcoin reserve, Ohio will be ready,” O’Brien said. Another bitcoin-related bill was introduced in December by Ohio State Representative Derek Merrin. HB703, known as the Ohio Bitcoin Reserve Act, would authorize the state treasurer to purchase the first cryptocurrency. According to Merrin, this move is due to the risks of the U.S. dollar depreciation, and authorities should take care to diversify assets in advance, including investments in bitcoin.
