Ohio introduces new bill allowing creation of 'Bitcoin Strategic Reserve'

BlockBeats News: On January 26th, Ohio, USA, took a bold step in its financial strategy by introducing a new bill that allows the creation of a 'Bitcoin Strategic Reserve'. The bill is supported by six co sponsors and aims to protect state funds from the impact of inflation and ensure the long-term stability of their financial assets. The basic details of the bill are as follows: ·Fund allocation: The proposed legislation will allow Ohio to allocate up to 10% of its general funds, budget stabilization funds, and reward trust funds to Bitcoin· Custody solution: The bill outlines strong custody requirements to ensure the security of reserves. Ohio will manage its digital assets through self custody or qualified custodians· Technology neutral stance: To reduce political friction and ensure swift action, the bill adopts technology neutral language, using the term 'digital assets' instead of mentioning Bitcoin separately. However, its strict requirements ensure that currently only Bitcoin is eligible· Qualification criteria: In order for digital assets to be eligible for inclusion in reserves, their market value must reach at least $750 billion based on a 12-month average. The bill has received strong support from the state government and six co sponsors, significantly increasing its likelihood of becoming law.