The Pennsylvania House of Representatives introduced a bill that seeks allow the state to hold bitcoin (BTC) on its balance sheet as a reserve asset.
The initiative was reported by Fox Business journalist Eleanor Terrett and later confirmed by Dennis Porter, CEO and co-founder of the organization. Satoshi Act Fund. The legislative document, however, has not yet been published in the website of the Pennsylvania House of Representatives.
With the regulations, the state of Pennsylvania will establish a strategic reserve of bitcoin, a concept that has begun to gain ground in several states in the United States.
In Florida, for example, the financial director recently proposed using bitcoin as a strategic reserve, as CriptoNoticias reported. This proposal follows in the footsteps of other initiatives that They seek to legitimize and use BTC in the government sphere.
According to Rep. Mike Cabell, who is one of the bill’s sponsors, the strategic bitcoin reserve is a “visionary” step toward protecting Pennsylvania’s financial future.
“By integrating Bitcoin into our reserves, we are not only protecting Pennsylvania from the relentless impact of inflation, but we are also positioning our state as a leader in financial resilience and innovation,” said the legislator.
The idea of creating strategic reserves of bitcoin aligns with political promises from significant figures such as Donald Trump, who has expressed his intention to establish a strategic national BTC reserve. The now president-elect has yet to use the bitcoin seized by the US government for this purpose, a sum of more than 200,000 BTC, as this medium reported.
On a practical level, the proposed law in Pennsylvania, if passed, would allow the state to not only hold BTC, but also manage it as part of its financial assets. This could involve investment strategies, tax policies adapted to this digital currency, and possibly, the legal protection for residents who choose to keep their digital assets.
Proposed legislation in Pennsylvania, if advanced, would mark a milestone in the relationship between cryptocurrencies and government, positioning the state as a pioneer in the integration of emerging financial technologies within its traditional economic structure.
As Dennis Porter sees it, bitcoin acts as a check and balance mechanism against monetary devaluation. “With a strategic reserve of BTC, the state of Pennsylvania can protect its economy and its people from inflation and financial hardship,” asserted.
“This law not only benefits Pennsylvania’s economy, but also sets a new standard for other states and nations seeking to adopt innovative anti-inflation strategies,” he concluded.
On a practical level, the proposed law in Pennsylvania, if passed, would allow the state to not only hold BTC, but also manage it as part of its financial assets. This could involve investment strategies, tax policies adapted to this digital currency, and possibly, the legal protection for residents who choose to keep their digital assets.
Proposed legislation in Pennsylvania, if advanced, would mark a milestone in the relationship between digital currencies and governance, positioning the state as a pioneer in the integration of emerging financial technologies within its traditional economic structure.
This article was created using artificial intelligence and edited by a human Editor.
