The Texas legislature will consider adopting a Bitcoin strategic reserve following the introduction of a bill Thursday to establish such a program, amid ongoing efforts to do the same on a national level in the United States.
The proposed bill, H.B. No. 1598, was introduced by Texas State Representative Giovanni Capriglione. It seeks to build up a supply of Bitcoin for the state, with the funds held for at least five years without being sold, plus it will allow Texas citizens to make donations to the fund.
“A strategic Bitcoin reserve aligns with Texas’s commitment to fostering innovation in digital assets and providing Texans with enhanced financial security,” the text of the bill reads.
The bill adds that the cryptocurrency—held in cold storage, that is, in a wallet on a device not connected to the internet—will not be used to make transactions outside of the state or abroad.
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Author: Andrew Hayward,Mathew Di Salvo
