Missouri lawmakers have recently proposed a groundbreaking bill aimed at establishing a “Bitcoin Strategic Reserve Fund.” Known as HB 2080, this legislation has been forwarded to the State House Commerce Committee for detailed review. The fund is designed to be composed exclusively of Bitcoin obtained through donations, explicitly excluding any direct purchases made with public money.
The bill outlines a comprehensive plan for creating a Bitcoin reserve within Missouri’s state treasury. It emphasizes reliance on voluntary contributions from individuals and organizations rather than government-initiated cryptocurrency acquisitions, promoting growth based solely on donated assets.
A key aspect of the proposal highlights Bitcoin’s decentralized and digital characteristics. Responsibility for managing the reserve will rest with the state treasurer, who must ensure that all donated Bitcoins are securely stored using advanced digital security measures and cold wallet technology.
Security protocols are central to this initiative, aiming to protect these digital holdings from cyberattacks or unauthorized access. By mandating cold storage solutions, the legislation seeks to provide confidence in safeguarding these valuable assets within the reserve.
According to committee discussions, HB 2080 requires that all contributed Bitcoins remain in the fund for no less than five years. This provision aims at fostering long-term stability and preventing speculative trading activities within state-managed resources.
The bill also strictly forbids utilizing any state funds for purchasing Bitcoin; only externally donated cryptocurrencies can be added to this strategic reserve. This ensures public finances remain separate from cryptocurrency investments.
If approved by the Commerce Committee, HB 2080 will proceed to debate before the full House of Representatives. Should it pass into law, Missouri would become one of several U.S. states exploring innovative ways to incorporate digital currencies into their official financial portfolios.
This legislative move reflects growing interest among governmental bodies in embracing cryptocurrencies as part of broader fiscal strategies. Observers will closely monitor how Missouri’s legislature responds as this pioneering approach advances through its stages of consideration.