Ohio Senator's 2nd Bitcoin Reserve Bill

Ohio has recently introduced its second Bitcoin reserve bill, Senate Bill 57, spearheaded by State Senator Sandra O'Brien.

This bill, presented on January 28, aims to allow the state to invest in Bitcoin and create an "Ohio Bitcoin Reserve Fund" that mandates state agencies to accept cryptocurrency payments, which will be converted into Bitcoin for the fund.

Senate bill 57 inlcude key features such as investment authority, payment integration and security protocols.

The state treasurer would be granted the authority to invest state funds exclusively in Bitcoin.

State agencies would be required to accept crypto for taxes, fees, and fines, converting these payments into Bitcoin.

According to the bill, crypto investments must be maintained for five years and outlines strict security measures for storage.

This legislative move reflects the Ohio's ambition to lead in crypto adoption as more states explore similar initiatives.

Notably, this follows a previous proposal by House Republican Derek Merrin, which also aimed at establishing a Bitcoin reserve for the state.

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