Although the industry is miles away from finished, calls from lawmakers mean proper regulation is on the way.
The US Congress is also working on a bill that would see the US Treasury purchase 200 BTC yearly and hold 1 million Bitcoin in 5 years.
Representative Cody Maynard recently presented a bill to the Oklahoma House of Representatives, seeking to establish BTC in the state’s pension funds and savings. The House Bill 1203, also the Strategic Bitcoin Reserve Act, is also a measure to fight inflation.
The lawmaker explained: “Bitcoin represents freedom from bureaucrats printing away our purchasing power.” He added, “As a decentralized form of money, Bitcoin cannot be manipulated or created by government entities. It is the ultimate store of value for those who believe in financial freedom and sound money principles.”
Lawmakers in Pennsylvania have also submitted a proposal for a BTC strategic reserve. The move would see the state’s Treasury invest around 10% of its assets in BTC. The US isn’t the only nation pushing for a BTC reserve.
Most recently, Czechia expressed interest in adopting BTC as a reserve asset. Aleš Michl, governor of the Czech National Bank (CNB), noted that the country was considering Bitcoin as part of its foreign exchange reserve plans.
So far, El Salvador is the only nation to have successfully implemented a strategic BTC reserve. However, other countries like Brazil are pushing closely to that status. Brazil’s lawmakers are working on a bill called the Sovereign Strategic Bitcoin Reserve. The bill is geared towards protecting the foreign reserve from inflation.
The interest in Bitcoin reserves in Venezuela, Russia, Poland, Japan, Hong Kong, Germany, South Africa, and others points to a major fact: Bitcoin is going mainstream. With several companies holding Bitcoin and engaging in spot BTC ETFs, having BTC as a reserve asset gives the cryptocurrency mainstream approval.
These proposals provide a sense of confidence for crypto traders. Although the industry is miles away from finished, calls from lawmakers mean proper regulation is on the way.
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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XRP
ETH+2 more₿RREAKING: A bill to create a 'Strategic Bitcoin Reserve' has been introduced in the state of Oklahoma.
BREAKING: 🇨🇿 Czech National Bank considers buying Bitcoin as a reserve asset.
BREAKING: I can confirm that the Liberal Democrat Party in Germany has officially classified Bitcoin as a "Reserve" in their party platform. This is a huge move as countries in Europe begin to follow the lead of the USA. I visited Germany earlier this year and plan to return.
