Oklahoma Senator Dusty Deevers has introduced the Bitcoin Freedom Act.
The bill allows voluntary adoption of Bitcoin for wages.
Oklahoma State Senator Dusty Deevers has proposed the Bitcoin Freedom Act (SB325). The aim of this proposal is to afford Oklahomans other ways of funding in the current environment of inflation.
The proposed bill will be discussed during the 60th legislative session, which begins on February 3. It is designed to give workers and businesses leave to use Bitcoin for wages and transactions.
In particular, the main characteristics of SB325 describe multiple provisions to seamlessly incorporate Bitcoin into Oklahoma’s economy in a voluntary mode of adoption. Employees can choose to receive their wages in Bitcoin and the participation is optional, which ensures no mandatory adoption.
Besides, Oklahoma businesses would be permitted to accept Bitcoin as a payment method for goods and services. Also, both employers and employees retain the freedom to select their preferred payment methods.
Deevers described how Bitcoin is becoming more integrated into the global financial system, claiming that it is an integral part of the future of the economy. He then cited this approval of Bitcoin by Donald Trump as an indication of acceptance.
He stated,
“There is a reason President Trump campaigned heavily as a pro-Bitcoin candidate and spoke at prominent Bitcoin events. Bitcoin has arrived into the mainstream of our economy and is unquestionably a significant part of the financial future. This legislation puts Oklahoma in a leadership role nationally, ensuring our state embraces the future of financial technology while providing our citizens with more financial options.”
However, the Bitcoin is known as a hedge against inflation due to its decentralised model. In contrast to conventional fiat currencies, which depreciate as a result of monetary policies, Bitcoin presents a more stable medium for wealth.
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