The state of Utah is considering a new proposal to allow the creation of a state strategic cryptocurrency reserve using public funds.
Utah State Representative Jordan Teuscher, a Republican, filed a invoice It would allow the state treasurer to invest public funds in digital assets such as Bitcoin (BTC) and stablecoins.
He says Tosher,
“Utah is proud to lead the way in blockchain and digital innovation. This bill reflects our commitment to embracing cutting-edge technology and preparing for the future of finance, while ensuring financial sovereignty.”
The Blockchain and Digital Innovation Amendments Bill (HB 230) “allows the State Treasurer to invest certain public funds in qualified digital assets, establishes requirements for custody and management of digital assets, creates regulatory requirements for stablecoin investments and authorizes the State Treasurer to co-sign and lend digital assets under Specific conditions.”
The proposed legislation would allow up to 10% investment in crypto assets from several state budget accounts, including the State Disaster Recovery Restricted Account, the General Fund Budget Reserve Account, the Income Tax Fund Budget Reserve Account, and the Medicaid Growth and Budget Stabilization Rebate Account. account.
The bill also stipulates that the country can only invest in stablecoins or digital assets with a market capitalization of more than $500 billion on average over the past 12 months.
There are also security measures for cryptocurrency custody service set out in the bill that require “private keys encrypted exclusively within an encrypted environment that can only be accessed via end-to-end encrypted channels,” which prohibit access via mobile phone, and “devices containing Encrypted private keys. In at least two secure, geographically diverse, and specifically dedicated data centers.”
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