Tennessee lawmaker proposed bill to allow the state to invest in Bitcoin

A lawmaker of Tennessee proposed a bill to allow the state to invest in cryptocurrencies and NFTs projects.

Normally retail surge in adoption of the crypto industry can be seen in the whole world, no matter whether a country is developing or developed. But since last year, many countries’ officials have shown a better inclination toward the crypto industry. In particular, we may take El Salvador as a better example of it. 

Earlier this month, Jason Powel, a Tennessee lawmaker, submitted a proposal to allow the county, municipality, or state to invest in cryptocurrencies, blockchain, and NFTs related projects under compliance. 

According to the proposed bill, the existing laws of Tennessee allow this proposal to get passed because under the section laws of states or counties agencies are allowed to invest their unused funds in based assets. 

Available information on the LegiScan noted that there are some significant possibilities to consider the assessment and possible consideration. The subcommittee will study this proposed bill and figure out the risks and advantages associated with it. 

“the most forward-thinking and pro-business state for cryptocurrency and blockchain and to foster a positive economic environment for blockchain and cryptocurrency.”

According to experts’ point of view, the proposal probably will not win approval but if it does happen then surely it will result in authority for an American country to invest directly in Bitcoin and NFTs projects. 

After the approval of this bill, Tennessee will become the second American after El Salvador, which will add Bitcoin to its treasury balance sheet. 

Arizona toward bitcoin adoption

A couple of weeks ago, a Senator from Arizona State, proposed a bill to allow the state to use bitcoin in the payment system. However, experts shared their stance on the proposed bill of Arizona’s Senator and claimed that the bill will not get approval under the existing laws. 

In response, the senator proposed another two bills to give support to the initial bill and explained that the existing US constitution allows the use of Crypto assets as a medium of payment, and also existing laws may easily allow the state agency to reduce the tax on the Crypto Transactions. 

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