BlockBeats news reported on December 13 that Texas Republican Representative Giovanni Capriglione plans to introduce legislation to create a Bitcoin strategic reserve. This reserve will serve as a testing ground for the U.S. Treasury Department. The proposed bill would allow the state to begin building a strategic Bitcoin reserve, accepting taxes, fees, and donations in Bitcoin, which would be held for at least five years.
The bill aims to strengthen the country’s fiscal stability and position it as a leader in Bitcoin innovation. Capriglione stated, “The biggest enemy of our investments may be inflation. Creating a strategic Bitcoin reserve and investing in Bitcoin would be a win-win for the country. I just submitted the bill titled ‘In Texas The establishment of a Bitcoin reserve within the State Department of Finance and the government entity to manage the cryptocurrency.'” Texas, the second largest economy in the U.S.
and home to the highest concentration of Bitcoin miners, will be the testing ground for this initiative.
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