A Missouri bill proposes establishing a Bitcoin reserve fund for
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House Bill 1217 would create a Bitcoin reserve fund, letting the state treasurer buy, hold, and accept Bitcoin donations. If passed, all government offices in Missouri must accept cryptocurrency for taxes, fees, and fines, with payers covering transaction fees. Bitcoin collected cannot be sold for five years. Utah has passed a similar bill, and at least 16 other states, including Arizona and Wyoming, are considering cryptocurrency investments. Missouri’s Plan to Create a Bitcoin Reserve Fund A new bill introduced by Representative Ben Keathley moves Missouri a step closer to adopting Bitcoin. House Bill 1217 creates the opportunity for a bitcoin reserve fund for the state so that it can invest in bitcoin as part of its financial strategy. The idea is that the usage of bitcoins will protect the state’s investment from inflation, ensuring more diversification in investments. If the bill gets passed, it will allow the Missouri state treasurer to buy, hold, and manage Bitcoin. The bill further allows the state to accept donations in Bitcoin by residents and governmental entities to further grow the reserve. Today I filed HB 1217 which would authorize Missouri to hold and accept Bitcoin for state payments. This will help diversify our state’s portfolio while hedging against inflation. #moleg https://t.co/tokLpGlWMJ — Rep. Ben Keathley (@benKeath) February 7, 2025 Government Payments and Future Possibilities The biggest change in this bill is that all government offices in Missouri must accept cryptocurrency payments for taxes, fees, and fines. However, it would require that the individuals who make payments are responsible for all the fees on the transaction. There is a law stating that any Bitcoin gained by the government cannot be liquidated within a period of five years. In this case, Missouri would essentially be investing long-term. Therefore, if the plan is perfect. And the act…
Filed under: News - @ February 8, 2025 4:14 am