The Ohio state’s lawmaker has announced plans to initiate a Bitcoin Reserve as per reports.
Several governments have been adopting increased interests for Bitcoin investments.
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Among notable incidents, the US state of Ohio saw an important development in its cryptocurrency stance. Lawmaker and state representative Derek Merrin announced on X that he had filed HB 703. This bill, when passed as an act, would create a Bitcoin Reserve for Ohio.
Moreover, the bill advocated for passing an act—the “Ohio Bitcoin Reserve Act”—that would facilitate state investments in Bitcoin. Derek Merrin stated that this would allow the Ohio state government to harness the power of Bitcoin to strengthen its state finances.
Additionally, the bill grants authority to the state treasurer to buy Bitcoin strategically. The bill also stated that Merrin is expecting the Trump administration to set up a national Bitcoin Reserve.
Furthermore, Derek Merrin expects that the bill might be passed as an act in the upcoming State Legislature Assembly. The Assembly is scheduled for December 31st as per reports. Moreover, several of the US states have recently turned more positive towards the cryptocurrency sector, particularly after Trump’s winning the elections.
Ohio – The Latest Addition to the Government Bitcoin Strategic Reserve?
Several governmental organizations have been endorsing Bitcoin reserves in the recent past. The Trump administration has spearheaded the initiative, but the move has been mirrored by multiple others. Within the USA, the Texas state government also announced plans to launch an investment in Bitcoin.
Other nations, such as Russia and India also have begun discussions on the front and can be expected to initiate governmental investments in the digital asset. The ROI depicted by nations such as El Salvador and Bhutan has sparked the notion in these and other countries.
Meanwhile, the digital asset itself has been trading at the $103K level as per CMC data, after its recent testing of $107K.
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