Bill SB 325, a bill that allows Oklahoma state employees and residents to receive payments and remunerations in Bitcoin, has now reached the Appropriations Committee for further consideration.
This came a few weeks after President Trump signed an executive order to set up a committee to plan and regulate government Bitcoin holdings. House Bill 1203 would allow Oklahoma’s state savings account and pension funds to invest in digital assets like Bitcoin.
Source: Oklahoma Senate
Oklahoma’s Shift to Digital Assets
Oklahoma’s residents can now receive their paychecks in Bitcoin if their employers agree. As the bill is still under review, supporters claim that BTC will attract talent and bring the state into a new era of prosperity.
Opposers of the bill, however, are concerned about the difficulty of Bitcoin regulation and regular price swings.
The growing interest in Bitcoin and digital assets has led to the introduction of the second bill. The Bitcoin Reserve Act, introduced by Representative Cody Maynard, is a bill that would allow state workers and residents to receive payments and set up pension accounts in Bitcoin.
The representative introduced it on January 15th as a future-forward scheme for the state.
According to Representative Maynard, Bitcoin represents freedom from bureaucrats printing away their purchasing assets. He argues that their bill, if passed, would pave the way for securing the state’s financial future and protecting the citizens’ interests.
The bill, introduced on January 15, has only had the first reading on February 3rd.
The Race to Establish Bitcoin Reserves
Oklahoma and the US government are not the only ones scrambling to establish Bitcoin reserves. Many countries worldwide, like El Salvador, Argentina, Brazil, and Chile, are already making solid moves to acquire vast amounts of Bitcoin.
El Salvador, in particular, has already passed legislation to ensure they can amass Bitcoin for reserves.
Argentina, Brazil, and Chile have joined a growing list of countries with expanding government interest in Bitcoin (BTC) as a financial investment. In its second reading, Oklahoma’s bill sets a precedent for other US states and countries worldwide.
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