Lawmakers in Florida introduced a proposal on January 8 aiming to create a state cryptocurrency reserve that is limited to Bitcoin
This legislative initiative, listed as Senate Bill 1038, was brought forward by state senator Blaise Ingoglia and referenced on the official legislative website.
This bill, if approved, would require the governor’s office to organize a selection process for contractors to help build the state reserve. The specified reserve could only contain Bitcoin, with other cryptocurrencies not permitted.
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This would be a departure from most state-managed reserves, which do not typically restrict themselves to a single digital asset.
Steps detailed in the text require the governor’s office to send an outline to various lawmakers and financial officials in the state. The purpose of this communication is to inform interested parties about project progress and state objectives concerning the reserve.
At the same time, the proposed bill would ban the use of any central bank digital currency in state-managed funds. Throughout 2023 and 2024, several US states, including Florida, expressed concern about the possibility of centrally controlled digital dollars.
Various state officials claimed that central bank-controlled currencies could threaten user privacy due to potential surveillance features.
The current status of the bill shows that it is under review after having been filed with the appropriate committees for further consideration.
Recently, Wyoming launched the Frontier Stable Token (FRNT), the first US state-issued stablecoin. How would the token be used? Read the full story.
