Georgia Bitcoin Reserve Bill SB 228 enables the state to invest in Bitcoin without any limits.
Georgia has filed a second Bitcoin reserve law, 10 days after presenting the first, allowing the state treasurer to invest in the largest cryptocurrency.
The new Bitcoin Reserve Bill, SB 228, permits the state to participate in Bitcoin with no investment limitations. The measure changes Section 3 of Chapter 17 of Title 50 of the state code, which deals with state depositories.
Georgia’s second Bitcoin stockpiling law has developed as a political rival to the first legislation. SB 228 authorizes the State Depository Committee to allow the State Treasury Department to invest in Bitcoin.
To compare, SB 178, which was presented 10 days ago, has Republican sponsors, and SB 228 is sponsored by Democrats.
Furthermore, the measure compels the State Treasury Department to create “rules and processes for accepting, storing, and dealing Bitcoin.” It further states that BTC held by the state government must conform with regulations and processes.
The new law was introduced jointly by four Senators, including Sen. Esteves, and is currently being reviewed by the Georgia General Assembly.
Who Will Oversee Strategic Bitcoin Reserves?
According to Bitcoin Reserve Monitor, 20 of the 50 states in the United States are moving forward with legislation to store Bitcoin in strategic reserves. To date, none of the states have enacted Bitcoin reserve laws.
According to Adam Levine, CEO of Fireblocks Trust Company and SVP of Corporate Development & Partnerships, Bitcoin, unlike traditional reserves such as gold, requires “specialized custody solutions.”
“The first goal must be to choose the safest approach to safeguard their Bitcoin assets,” he told Crypto news by email. He noted that this will assist in reducing risks like as theft, mismanagement, and regulatory ambiguity.
“Most governments today lack the breadth of knowledge required to manage digital assets.” As a result, the most prudent strategy is for these governments to choose licensed custodians with the right mix of cybersecurity resilience and digital asset operating competence.
Appropriate custodians will ensure that governments keep their citizens’ financial backing in “the most secure manner,” Levine stated.
Also Read: Hong Kong’s HK Asia Holdings Rise 103% Post-Bitcoin Investment BTC Value
