A Tennessee senator, Jason Powell, has sponsored legislation that would allow the state to invest in cryptocurrency and non-fungible tokens.
House Bill 2644, presented earlier this month by a state representative, would allow a county, municipality, or state to participate 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 authorised investment and permitted counties to use the state’s unused cash.
The plan has been sent to a subcommittee of the House Finance, Ways, and Means Committee for examination and possible consideration, according to accessible information from LegiScan.
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.
Can you imagine Indian states investing in Bitcoin and NFTs?
