Ohio Representative Derek Merrin has filed a bill in the House of Representatives called the Bitcoin Reserve Bill, which would create a special fund in the state treasury and give the Ohio Treasurer discretionary authority to purchase cryptocurrency.
Merryn said that as the flagship cryptocurrency gains prominence and political popularity, Ohio officials need to lay the groundwork for a robust state strategy for integrating bitcoin into the state’s financial structure.
“The use of Bitcoin could strengthen state finances and allow Ohio to adopt technologies to protect taxes from inflationary erosion,” Merryn said.
He added that Ohio lawmakers could follow the lead of Pennsylvania and Texas and use up to 10% of their Treasury reserves to buy bitcoin as a hedge against inflation.
Earlier, Vancouver Mayor Ken Sim approached city council commissioners with a proposal to update the city’s methods of preserving purchasing power by diversifying its financial reserves to include bitcoin.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
