The Pennsylvania House of Representatives introduced a bill that seeks allow the state to keep bitcoin (BTC) on its balance sheet as a reserve asset.
The initiative was reported by journalist Eleanor Terrett of Fox Business and later confirmed by Dennis Porter, CEO and co-founder of the organization Satoshi Act Fund. The legislative document, however, has not yet been published in the website of the Pennsylvania House of Representatives.
With the regulation, the state of Pennsylvania will establish a strategic bitcoin reserve, a concept that has begun to gain ground in jurisdictions across the United States.
In Florida, for example, the financial director recently proposed using bitcoin as a strategic reserve, as CriptoNoticias reported. This proposal follows in the footsteps of other initiatives that They seek to legitimize and use BTC in the government sphere.
The idea of creating strategic reserves of bitcoin aligns with political promises from significant figures such as Donald Trump, who has expressed his intention to establish a strategic national BTC reserve. The now president-elect has yet to use the bitcoin seized by the US government for this purpose, a sum of more than 200,000 BTC, as this medium reported.
This is accompanied by the bill to create a national strategic reserve of bitcoin presented by the Republican senator of the state of Wyoming, Cynthia Lummis, last July, and which seems to have a path without many obstacles for its enactment, since both houses of Congress are under the control of the Republican party.
On a practical level, the bill in Pennsylvania, if passed, would allow the state to not only hold BTC, but also manage it as part of its financial assets. This could involve investment strategies, tax policies adapted to this digital currency, and possibly, the legal protection for residents who choose to keep their digital assets.
Proposed legislation in Pennsylvania, if advanced, would mark a milestone in the relationship between digital currencies and governance, positioning the state as a pioneer in the integration of emerging financial technologies within its traditional economic structure.
This article was created using artificial intelligence and edited by a human Editor.
