Will Uta invest soon in the encrypted currency?
Solt Lake City – A bill allowing the Fund Secretary in Utah invested public funds in the encrypted currency, and has cleared the first obstacle to Capitol Hill.
The Economic Development Committee for Development and Materials operating in the House of Representatives voted from 8-1 on Tuesday for progress HB230. Under the auspices of Representative Jordan Test, R-South Jordan, is transferred to the full parliament for voting.
The bill will allow the office of the treasurer in Utah to invest up to 5 % of some public funds in “qualified digital assets”, which cost $ 500 billion or more. Currently, Bitcoin is the only standard currency meeting.
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Representative Jordan Tishr, R-South Jordan, HB0267, shows the amendments to trade unions in the public sector during the meeting of the Labor and Trade Committee in the House of Representatives in the Capitol in Sulting Lake on Thursday, January 23, 2025 (Christine Murphy/DSERT
“It gives some flexibility to the government treasury,” said Tex, the House of Representatives Committee. “It does not require any investment, but it allows this investment.”
Public funds are eligible to get Investing in encrypted currency Four backup accounts, usually referred to as “rainy day boxes”.
The state treasurer, Marlowe Ox, who attended a committee session on Tuesday, said the state has about $ 1.4 billion of reserve funds. This means that up to 70 million dollars can be invested in the encrypted currency.
“I support the exploration of emerging financial technologies, including Blockchain and digital assets as a way to enhance Utah State economy and maintain our country’s position on technological progress,” Oaks said.
Ask about The risks of encrypted currency – Which can be reputable volatile – Oaks said that his office “is committed to a comprehensive evaluation process to ensure that any decisions give priority to the safety of public funds and maintain the confidence of taxpayers in our financial administration.”
During the hearing, many of the encryption advocates and members of the public expressed his support for the draft law, although one person urges caution when dealing with public funds.
The only legislator to vote against the bill, Representative Colin Jack, RS. George, he repeated this anxiety.
“I see the returns currently being implemented on the market, and I understand it, but I am still concerned about obtaining state funds in that,” said Jack.
Tishr indicated that Arizona recently advanced A similar invoiceBut he said he hoped that Utah would be the first to go through it. If the HB230 wipes the House of Representatives, it must be approved by the Senate before heading to the ruler’s office.
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