Wyoming Takes Bold Step: State Funds Could Soon Invest in Bitcoin!

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Lawmakers in Wyoming have proposed a bill (House Bill 0201) that seeks to allow as much as 3% of the state’s budget to be invested in Bitcoin.

This proposal could affect significant financial resources, like the common budget and the perpetual mineral reserve fund, signifying a possible major development in the administration of public finances.

Given approval, the State Treasurer might choose to invest directly in Bitcoin (BTC) using safe storage services, recognized custodians, or exchange-backed investment products.

For enhanced security, the proposed legislation necessitates rigorous procedures for safeguarding assets, such as securely storing private keys in encrypted form, with access limited solely to the treasurer. Furthermore, it requires annual reports detailing Bitcoin holdings, their current market values, and the specifics of custody arrangements.

In line with Wyoming’s wider acceptance and advancement of blockchain and cryptocurrency technologies, I propose a plan that strengthens its identity as a pioneering crypto-friendly state. While other jurisdictions are contemplating similar ventures, this research aims to pave the way for Wyoming to potentially lead the pack by establishing formal structures for Bitcoin investments within public funds.

Wyoming’s blockchain initiative

In December 2024, Wyoming was looking for blockchain developers to work on their government-supported stablecoin project, named “Project WYST.

The Wyoming Stable Token Commission has put out calls for professionals in blockchain development, inviting them to apply for positions in token creation, maintenance, and crucial aspects, in response to these requests.

In the vast $200 billion cryptocurrency market, stablecoins that match the US dollar‘s value play a crucial role. These proposals for the project had to be submitted by December 12, with plans to introduce this stablecoin across various blockchain platforms starting from then on.

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2025-01-17 21:46