West Virginia’s Bitcoin (Btc) The Strategic Reserve Bill will give the state more sovereignty from the federal government and freedom from a potential central digital currency (CBDC), state senator Chris Rose told Cointelegraph in an exclusive interview.
“You hear these rumors that there are people in the federal government who want to have a digital bank money,” Rose said. “And people don’t like. People want decentralized money. They want freedom.”
The bill, Introduced in FebruaryLooking at Allow State treasury to invest up to 10% of public funds on precious metals such as gold and silver, stablecoins, or any digital possession with $ 750 million market capitalization or higher over the last 12 months. Currently, the only digital asset with such a market cap is Bitcoin.
West Virginia State Senator Chris Rose. Source: Cointelegraph
Rose, the sponsor of the bill, said the reason they concluded with the requirement of the market cap was to allow the state to have exposure to cryptocurrency, but not to be jailed “in any things like Memecoins.”
Bitcoin’s adoption at the state level is “we will be given a little more state sovereignty,” Rose added. “And I think that’s one reason you see a lot of people usually buy (Bitcoin) for themselves want to see their state government do it.”
He added that a 10% allocation of state funds would be a “good way to introduce (Bitcoin) to the state” while avoiding any fear from people who do not understand digital ownership. “This is a great way to maka -CAP in which they are comfortable, but also give us at least a decent exposure too.”
Bitcoin: “a very strong” investment tool and freedom
Rose said one of the road barriers to pass the bill was fearful, especially those who did not understand cryptocurrency. “Like any other state, we have people who understand it. We also have people who don’t understand it, and people are always afraid of what they don’t know.”
He added that “when they understand this, they realize that it is a powerful investment tool and freedom tool for each of us to adopt.”
Excerpt of West Virginia Bitcoin Reserve Bill. Source: West Virginia Legislature
West Virginia Governor Patrick Morissey, who has been thinking of an economy in the future state Pinagro Through crypto and other tech, it won’t be a roadblock, Rose said. And the state manager, who consulted with Rose before introducing the bill, did not.
However, According to In Wvnews, a publication in West Virginia, some lawmakers and financial experts remain skeptical. The investment of state funds in Bitcoin can be dangerous due to volatility of assets and price swings, which can cause Bitcoin to be financially resilient and to make a controversial choice for state investments.
Although Bitcoin Strategic Reserve Bills have Pop up to state legislatures Around the United States, some bills failed to pass or have scrapped key provisionIncludes that Some of the traditional conservative states.
Currently, 47 Strategic Bitcoin Reserve Bills were introduced in 26 states According to in the laws of bitcoin. While, in most states, bills are introduced or defined in the committees, some make the headway to three: Arizona, Oklaholaand Texas.
Related: Texas Senate passes Bitcoin Strategic Reserve Bill
Rose made it clear that 10% of state funds provided to precious metals, stablecoins, or bitcoin could be so -soaked from two main areas.
“These are the properties under the pension fund and under the severance tax fund,” Rose said. “They will be able to break some of the ETF funds in these properties. We want to keep it separate from the petty cash fund, which is daily, only paying state fees. We want to keep it in our longer properties,” he added.
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