A bill introduced in Missouri outlines the creation of a Bitcoin Strategic Reserve designed to protect against inflation and widen the state's financial strategies.
The Bill and Its Impact
Ben Keathley from Missouri presented House Bill 1217 to create a Bitcoin Strategic Reserve Fund for the state. This new legislation allows the state to protect against inflation rates of fiat money through alternative currencies. According to the bill, all government entities throughout Missouri must recognize cryptocurrency as a valid payment for approved tax obligations and fee and fine payments.
Long-Term Investment Strategy
Keathley's investment approach proposes a sustained outlook on Bitcoin. The legislation requires that the Missouri state treasurer maintain Bitcoin collected inside state custody for at least five years, viewing it as a long-term store of value.
Expanding Cryptocurrency in Government Transactions
The law requires government entities throughout Missouri to recognize cryptocurrency for tax payments and other financial settlements. This will expand the use of digital currencies in daily government payments and decrease operating costs.
If passed, the bill would make Missouri one of the first states to require widespread acceptance of digital currencies within its government framework, potentially signaling a broader integration of cryptocurrency into state economies.
