According to the bill, the state treasury can invest in bitcoin no more than 10% of the state budget and store the bought BTC from the qualified casteadian. To receive additional profits, state authorities will also be able to issue loans in bitcoins under certain conditions if these loans do not put the staff with increased financial risks.
If this law is adopted, the authorities of Florida will be able to accept taxes and various fees in bitcoins. At the same time, cryptocurrency will convert to US dollars and enroll in the General Revenue Fund (GRF) fund, which local authorities use for current expenses. Gnerters claims that by adding bitcoin to the strategic reserve of the state, Florida will be able to better protect his capital from economic upheaval and a rapid increase in prices.
“The state of Florida must have access to instruments similar to bitcoin to protect against inflation. She undermined the purchasing power of assets stored in state funds, ”commented the author of the bill.
Florida is not the only American state striving to create a cryptocurrency reserve. A few days ago, the House of Utah representatives approved the amendments on the blockchain and digital innovations, which will allow the state treasury to invest up to 5% of the state budget in crypto assets. Kentukki state authorities are also considering a similar bill.
Source: Bits
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