The House of Representatives of Utah approved the bill on the creation of a reserve in BTC

The House of Utah representatives approved the HB 230 bill - “Correspondence on the blockchain and digital innovation”, which will allow the state treasury to invest up to 5% of the state budget in digital assets.

The bill was adopted during a closed vote. 38 legislators voted “for”, 34 - “against”, and three abstained. Now the document will be submitted to the Senate, where his further fate will depend on another vote before the bill is sent to the governor’s signature. In the case of the adoption of the law, Utah will become one of the first American states, whose authorities will be able to keep bitcoin in their reserve.

According to the bill, Utah will be able to buy digital assets, the market capitalization of which exceeds $ 500 billion, or it can be stablecoins approved by financial regulators. The bill prescribes that any acquired digital assets be stored by qualified castodians or other regulated organizations. The amendments will also allow you to engage in steaking of these crypto assets and lending, in compliance with regulatory requirements.

The bill was submitted by a member of the House of Representatives of Utah Jordan Teuscher on January 21. Toysher is sure that the integration of bitcoin into the state reserve will increase the financial stability of the state of Utah and will allow more effectively developing a digital economy.

A few days ago, OGIO state authorities also submitted a bill that allows the local administration to buy bitcoin and store it for at least five years. In December, Texas lawmakers proposed creating a strategic reserve in bitcoins, which will be replenished through taxes and donations in cryptocurrency.