Florida Authorities Propose Creating a Bitcoin Reserve
Date: 2025-02-10 Author: Henry Casey Categories: IN WORLD
The funds will be stored with a licensed custodian, and in order to increase revenue, it is possible to issue loans in cryptocurrency. However, such transactions are possible only if they do not create significant financial risks for the state.
If the bill is approved, the Florida authorities will be able to accept tax and other payments in bitcoins. However, before being credited to the budget, the digital currency will be converted into US dollars and transferred to the General Revenue Fund, which is used to finance government spending. According to the author of the initiative, the inclusion of bitcoin in the reserve assets will allow Florida to more effectively protect the budget from inflation and economic instability.
“Florida should use tools like bitcoin to reduce the impact of inflation, which reduces the purchasing power of assets held in state funds,” the initiator of the bill noted.
Florida is not the only US state considering the possibility of creating a cryptocurrency reserve. The Utah House of Representatives recently approved amendments allowing the state treasury to invest up to 5% of the budget in digital assets. Kentucky authorities are also considering the possibility of passing a similar law.
