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Oklahoma is promoting the "Bitcoin Strategic Reserve Act", which aims to allow the state government to invest in Crypto Assets.
Oklahoma State Representative Cody Maynard recently introduced the Bitcoin Strategic Reserve Act (House Bill 1203), proposing that the state government include Bitcoin and cryptocurrency in the investment category, opening up a new avenue for wealth appreciation for savings and retirement funds in the state.
Cody Maynard pointed out in a statement on Wednesday that the bill would allow the state government's savings accounts and retirement funds to diversify funds and invest in Cryptocurrency such as Bitcoin. This proposal not only echoes the Bitcoin reserve bills introduced in several states in the United States, but also coincides with the commitment of the elected President of the United States, Donald Trump, to promote the 'National Bitcoin Strategic Reserve'.
According to the proposal, if the bill is passed, the Oklahoma Department of Finance will allow the holding of Bitcoin, stablecoins, or cryptocurrencies with a market value of over 500 billion US dollars. The current market value of Bitcoin is about 2 trillion US dollars, while the market value of Ether is 406.5 billion US dollars.
However, to ensure controllable risks, the bill explicitly stipulates that the proportion of cryptocurrency investments should not exceed 10% of the total public funds.
In addition, the bill also allows the Oklahoma State Treasury to participate in Cryptocurrency Staking through third-party services, provided that the state government retains legal ownership of the assets.
Cody Maynard pointed out: "As a decentralized cryptocurrency, Bitcoin is not controlled by the government and cannot be over-issued. For those who believe in sound monetary principles and financial freedom, Bitcoin is the ultimate store of value."
Cody Maynard emphasized that the state government's Crypto Assets investments are managed prudently with the aim of bringing stable investment returns to the state's residents and protecting purchasing power from inflationary pressures.
If the bill passes, it will officially take effect on November 1st next year. Currently, several states in the United States, including Texas, Pennsylvania, and Ohio, have successively proposed similar Bitcoin reserve bills, indicating that the attitudes of local governments across the United States towards Cryptocurrency are shifting from a wait-and-see approach to proactive action.
The article 'Oklahoma pushes for 'Bitcoin Strategic Reserve Act' to allow state government to invest in Cryptocurrency' was first published in 'Blocklike'.