The state of Missouri is taking steps towards incorporating cryptocurrency into its financial operations. A bill that would enable the state to invest in and hold Bitcoin using public funds has been advanced by the legislature. This move comes after a similar proposal failed to advance last year.
According to the proposed legislation, the state's financial authorities would be allowed to purchase and hold Bitcoin for up to five years before selling or converting it into another token. The measure also permits the state to accept gifts, grants, and contributions from residents and government entities to help build a strategic reserve.
The bill would also allow state agencies to accept cryptocurrency approved by the Department of Revenue for payment of taxes, fees, fines, and other obligatory obligations. This could potentially offer citizens more flexibility in how they pay their taxes and fees.