Oklahoma Proposes Bill to Allow Bitcoin as State Reserve Asset
Oklahoma legislators proposed the Strategic Bitcoin Reserve Act on January 15, allowing the state to purchase and hold Bitcoin as part of its treasury strategy. If passed, Oklahoma would become the sixth US state to consider Bitcoin as a strategic reserve asset.
Key Provisions of the Strategic Bitcoin Reserve Act
- State savings accounts and pension funds could invest in Bitcoin and other digital assets.
- Investments aim for stable returns and to protect purchasing power.
- The act promotes financial prudence and fiscal innovation.
- Bitcoin's decentralized nature is emphasized as protection against government manipulation.
- Legislation aims to diversify financial reserves in anticipation of a digital asset-driven economy.
Timeline and Next Steps
- The bill will be considered in the legislative session starting February 3.
- If approved, it would take effect on November 1, enabling Bitcoin acquisitions.
- This move may influence other states to adopt similar policies.
Internationally, Brazil has proposed incorporating Bitcoin into its national treasury, reflecting a broader trend among governments exploring cryptocurrency as a reserve asset.