The state of Georgia, in the United States, could become one of the first to allow its treasurer to invest in Bitcoin (BTC). A new bill, SENATE BILL 178was introduced at the end of this week to authorize state investments in the cryptocurrency under the supervision of the State Deposits Board.
Bitcoin in Georgia's Treasury
The bill, presented by three state senators, would allow Georgia's treasurer Invest up to 5% of state funds in Bitcoin. This movement recognizes BTC as a possible reservation of value within the public financial administration and could sit a precedent for other jurisdictions in the US. In addition, the legislation also contemplates the possibility of providing these digital assets, which opens the door to State capital optimization strategies through decentralized financing mechanisms.
Security measures and investment limits
To guarantee the security in the management of these assets, the project establishes that the treasurer must adopt protection protocols, such as cold custody, avoiding risks associated with the centralized administration of cryptoactive. Likewise, the 5% limit in Bitcoin's investment suggests a prudent approach to adopting this technology within state finances, allowing the State to be exposed to BTC without assuming excessive risk.
Georgia and the adoption of Bitcoin in the US.
This is how Bitcoin's race goes in the United States. With this initiative, Georgia joins the list of states that explore the use of Bitcoin as part of its state reserves. Other states such as Texas and Wyoming, and 20 more states, have advanced in regulations that allow the integration of BTC into state financial strategies and the partial support of cryptocurrency reserves, as reported by cryptonotics. If Senate Bill 178 is approved, Georgia could be consolidated as a reference in the institutional adoption of Bitcoin, promoting the legitimacy of BTC within the public financial administration.