Missouri is joining the trend of states embracing bitcoins by introducing her bitcoin reserve bill, known as House Bill 1217.
Missouri’s representative Ben Kethale introduced the bill, demanding a bitcoin strategic reserve fund to be set up, which would allow the state treasurer to invest and keep in bitcoin.
BillDried on 6 February, Bitcoin is placed as a rescue against inflation and aims to diversify the financial holdings of the state.
The bill forms the “bitcoin strategic reserve fund” and allows the treasurer of the state to achieve, invest and hold bitcoins in some circumstances, according to the summary of the bill.
Under the proposed law, the Missouri Treasurer will have the right to receive bitcoin (BTC) through investment, gifts or donations from government institutions and residents.
The bill also suggests that all state and local government agencies accept cryptocurrency for taxes, fees and fine, including the cost of transaction with payments.
Additionally, bitcoins acquired under this law will be held for a minimum five years.
Bitcoin’s growing state popularity
Missouri’s move follows a growing trend among the American states that is searching for the adoption of bitcoin. The Utah House Bill is extending 230, which will allow its treasurer to invest up to 5% of some public funds in digital assets.
Nationwide, at least 16 states are currently considering Bitcoin Reserve initiative including Ohio, Vyoming and New Hampshire.
If passed, the bitcoin strategic reserve fund of Missouri will be effective on August 28, 2025, until further legislative changes occur.
