The Blockchain and Digital Innovation Amendments will allow up to 10% of government funds to be allocated to investments in crypto assets, including funds from disaster recovery reserves. The market capitalization of crypto assets planned for purchase must exceed $500 billion over the past year. When it comes to stablecoins, they must be approved by regulatory authorities and be backed by liquid assets.
The bill implies strict security measures for the management of purchased assets. Private keys must be stored in encrypted form, and access to crypto assets must be carried out only through secure channels in data centers located in different territories.
“Utah is leading the way in blockchain and digital innovation. This bill proves that the state is ready to implement advanced technologies to achieve financial sovereignty,” Teuscher announced on the social network X.
In December, Ohio lawmakers proposed including bitcoin in a sovereign wealth fund and giving the state treasurer authority to purchase the cryptocurrency. That same month, a member of the Texas House of Representatives also put forward an initiative to create a strategic reserve in 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.
