A bill has been submitted to the Tennessee House of Representatives (USA) that, if approved, will allow government agencies to invest in cryptocurrencies and NFTs.
Tennessee House Bill 2644 proposes the use or investing in crypto by state. The document proposes amendments to state laws regarding eligible investments. In the case of counties, the permitted use of “free funds”.
“As introduced, authorizes a county, municipality, or the state to invest in cryptocurrency, blockchains, and non-fungible tokens…An ACT to amend Tennessee Code Annotated, Title 5, Chapter 8, Part 3; Title 6, Chapter 56, Part 1; Title 9, Chapter 4, Part 6 and Title 47, relative to investment in cryptocurrency, blockchains, and non-fungible tokens.”
The author of the initiative, Congressman Jason Powell, also proposed the formation of a commission on research on cryptocurrencies and blockchain.
In July 2021, a blockchain task force based in Jackson, Tennessee, USA began exploring the possibility of paying property taxes and paying salaries in the first cryptocurrency.
The latest announcement complements the previous plans of the US State to explore the potential of the first cryptocurrency to integrate into the financial system. Previously city authorities announced the possibility of paying salaries in bitcoin, mining the first cryptocurrency, and adding BTC to the reserves of the municipality.
In January 2022, US senator Wendy Rogers introduced a bill to accept Bitcoin as a legal tender in the State Of Arizona.
Miami and New York have already launched their city coins while Miami Mayor Francis Suarez and Newly Elected New York’s Mayor, Eric Adams are willing to receive their Paychecks In Bitcoin.
Earlier, US Congressional candidates Shrina Kurani and Blake Masters issued NFTs to fund the election campaign.