Oklahoma Senator Dusty Deevers introduced a bill allowing Bitcoin to be used for payments and salaries in the state, aiming to protect earnings from inflation.
Introduction of the Bill
Dusty Deevers filed the legislation on January 8, emphasizing Bitcoin's potential to safeguard investments against the dollar's devaluation. The bill, known as SB325, upholds free-market principles, ensuring voluntary participation.
Goals and Principles
The primary aim is to establish a secure framework for Bitcoin transactions in Oklahoma, promoting its use in salaries, investments, and transactions. Deevers has criticized inflation and the diminishing value of the dollar, blaming Washington's policies. He also opposed Central Bank Digital Currencies (CBDCs), which he believes might lead to governmental surveillance. 'Bitcoin gives people financial sovereignty,' Deevers added.
Historical Context and Future Prospects
This move comes as Oklahoma remains a leader in the cryptocurrency sphere. In May 2024, Governor Kevin Stitt enacted a law supporting blockchain and Bitcoin mining businesses in the state. The Bitcoin Freedom Act, set for discussion in the Oklahoma legislative session starting February 3, 2025, positions the state as a leader in financial technology.
Oklahoma's progressive stance on Bitcoin could offer new financial options and bring innovation to the state’s economy.
