Jason Powell, a Tennessee senator, has introduced a measure that would allow the state to invest in crypto and non-fungible tokens.
The state legislator introduced House Bill 2644 earlier this month, which would allow a county, municipality, or state to invest in crypto, blockchains, and non-fungible assets.
This idea was made possible by amending some provisions of state legislation that defined what was considered an authorized investment and permitted counties to use the state’s unused cash.
According to available information from LegiScan, the proposal has been sent to a subcommittee of the House Finance, Ways, and Means Committee for review and probable consideration.
He also proposed a measure that would establish a study group to help the state become
“the most forward-thinking and pro-business state for cryptocurrencies and blockchain, and to build a positive economic climate for blockchain and cryptocurrency.”
It is unclear whether the state legislature will pass these bills, but if they do, the American state will become the world’s latest government entity to invest directly in digital assets such as Bitcoin and NFTs.
El Salvador, a Central American country, became the first in the world to accept Bitcoin as legal money. Despite the international community’s concerns, the country has actively purchased the flagship crypto coin.
While Tennessee’s new law proposal would allow the state to buy Bitcoin, numerous other states in the US have taken a more supportive stance to cryptocurrency development.
There are signs in Arizona, for example, that the state is attempting to follow El Salvador’s lead by making Bitcoin legal tender. This is quite unlikely to succeed because the US constitution takes a firm stand on the question of legal tender.
Aside from Arizona, the mayors of New York City and Miami have expressed interest in establishing their cities into crypto hubs. They demonstrated their dedication to the cause by taking Bitcoin as payment for their wages.
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