Bitcoin (BTC) is sweeping the US suite after Donald Trump’s victory in the November presidential elections, as Kentucky has become the latest country to advance legislation aimed at creating a bitcoin reserve.
Kentucky joins Bitcoin Reserve
Kentucky has become the sixteenth country of the American that provides legislation seeking to create a bitcoin reserve. It was presented by the representative of the state Theodore Joseph Roberts, the draft law, entitled “Bat” HB376The Government Investment Committee is suggested to allocate up to 10 % of the excess state reserves in the encrypted currencies. The bill provides for:
The total total amount of excessive criticism invested under the sub -paragraph (9) (K), (L), (M) of this section, the time of investment, does not exceed ten percent (10 %) of the total amount of excess cash invested under the sub -item ( 9) From this section.
Although the bill does not clearly mention Bitcoin, its definition of qualified digital assets ensures that only BTC will be eligible. According to the draft law, any digital origin in the reserve must have a formation of a market exceeding 750 billion dollars and cannot be Stablecoin.
From today, BTC is the only cryptocurrency that meets these standards, with the total market value of more than $ 1.9 trillion at the time of this report. On the other hand, the second largest encrypted currency, ETHEREUM (ETH), is about 334 billion dollars.
With this legislation, Kentucky joins a growing list of countries that follow the similar Bitcoin reserve initiatives. Other countries that have provided similar bills include Arizona, Alabamaand Floridaand MassachusettsMissouri, New Hampshire, North Dakota, South Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Uta, Kansas, Wyoming.
However, despite many proposals, none of these bills has been implemented yet. WyHB201 from Wyoming failed to issue a committee vote, while the North Dakota HB Dakota bill was voted in the House of Representatives.
On the contrary, the HB230 bill in Utah succeeded in approveing the House of Representatives and successful to the Senate, which represents the first bitcoin reserve bill to survey the Chamber’s vote. Whether the Senate will still have to be seen.
Could the following National BTC reserves be?
Globally, more countries are considering creating BTC strategic reserves, which are in line with a conversation a report This indicates that the adoption of the nation -state will lead to the leadership of the next stage of expanding the encoded currency.
For example, Crypto Czar David Sacks recently I mentioned That the federal government exploration Feasibility BTC National Reserve. Likewise, Brazil is Vision Add BTC to the National Treasury to diversify financial holdings.
At the same time, countries like Salvador and Bhutan The large bitcoin reserves have already accumulated. At the time of the press, BTC is trading at $ 99,620, an increase of 1.5 % over the past 24 hours.
A distinctive image from Unsplash.com, plans from Bitcoinlaws and TradingView.com
