The "Bitcoin Reserve Fund" in Texas will be used to hold cryptocurrencies with a market value of at least 500 billion US dollars
PANews reported on March 9th, according to Bitcoin.com, that the state of Texas in the United States will create a fund managed by the state government for holding Bitcoin and other cryptocurrencies. The Texas State Auditor will be responsible for regulating this reserve, which will hold cryptocurrencies with a market value of at least $500 billion and is eligible to receive state budget appropriations. In addition, a Strategic Bitcoin Reserve Advisory Committee has been established to provide guidance for managing this fund and is required to submit a report on its holdings every two years.
Previously, the Texas Senate passed SB 21 bill which would allow the state to invest part of public funds into digital assets, especially Bitcoin. This bill still needs approval from the House of Representatives and signature from governor before it becomes law.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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