After the kind of jump in Bitcoin prices in the last few years, many regulatory bodies and governments are also adopting a flexible stand towards cryptocurrency and are preparing to create a crypto reserve. Now a big decision has been taken regarding cryptocurrency in the state of Arizona, USA. Arizona’s area of representatives have passed two important bills related to cryptocurrency, which will allow the state to create their reserve through bitcoin or any other cryptocurrency. What is Bitcoin Stock, what are its major benefits? Read in detail about this here.
Arizona America’s first such state
Arizona has become the first state in the US after passing two bills in the Area of Represthants, which will give legal recognition to the reserve of digital properties. The purpose of passing these two bills is to empower the treasurer of the state to invest up to 10 % of the total investment in bitcoin or any other crypto currency.
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The House of Representatives have approved the Senate Bill 1025 (SB1025) and Senate Bill 1373 (SB1373) in this regard.
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The SB1025 bill was supported by 31 members, while 25 members protested.
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On the other hand, 37 votes were cast in favor of the SB1373 bill and 19 members voted in protest.
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After the bill was passed, State Representative Jeff Venninger said that the bills were brought in view of the increasing impact of bitcoin in the future. This is a pre -determined preparation in a way.
A look at both bills
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Senate bill 1025 (sb1025): This gives the treasurer of the state the right to invest up to 10 per cent for the bitcoin reserve. The bill takes initiative to adopt bitcoin as the state’s strategic property and it has been proposed keeping in mind the increasing role of bitcoin in the future.
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Senate Bill 1373 (sb1373): Through this bill, it has been proposed to create a digital property reserve in the state of Arizona and there are plans to include bitcoins as well as other cryptocurrency. Also, the bill has set a target of adopting financial diversity and technological progress.
Is America preparing for bitcoin reserve
In the US these days, discussions of creating a crypto currency reserve are very fast in the US. The US regulatory organizations have taken a very flexible stand in the past regarding many rules related to cryptocurrency. The US President is its open supporter. In the month of March itself, Donald Trump signed an executive order, proposed to create a “Strategic bitcoin reserve” and “digital asset stockpile”.
On the other hand, Senator Synthia Lumis from the US State of America has also made a proposal in the Congress, under which it has been said to allow the US government to keep more than 1 million bitcoins. In such a situation, this move of Arizona state can prove to be a milestone. Arizona’s governor Katy Hobbs may soon sign both these bills, after which they will take the form of law.
Conclusion
This move of Arizona is a visionary effort extended to the digital financial future, although the initial level will have to move with great caution. While in many countries and states in the world, there are doubts about cryptocurrency, Arizona has accepted it openly. If this experiment of Arizona state is successful, then in the near future, other states of America can also move in this direction.
