A legislator in Ohio, USA, proposed to establish a Bitcoin reserve fund in the state treasury

ChainCatcher News, Ohio State Representative Derek Merrin has submitted Bill No. 703 (Ohio Bitcoin Reserve Act), proposing the establishment of a Bitcoin reserve fund in the state treasury and authorizing the state treasurer to invest in Bitcoin flexibly, but without a mandate.

Merrin pointed out that the U.S. dollar is rapidly depreciating, and Bitcoin can serve as a tool to protect tax funds and enhance state finances. This legislation provides a framework for state governments to leverage Bitcoin technology to address economic challenges and promote innovation. Similar bills have been introduced in Texas and Pennsylvania, aiming to establish state-level Bitcoin reserves.