Ohio Lawmaker Introduces Bill to Create State Bitcoin Reserve Fund and Mandates Acceptance of Crypto for Government Payments

Ohio Senator Sandra O’Brien has introduced a bill, Ohio Senate Bill 57, which would allow the state to invest in Bitcoin to create an “Ohio Bitcoin Reserve Fund”. The bill requires Bitcoin investments to be held for at least five years and mandates secure custody solutions for holding the asset. It also requires state entities and government agencies to accept cryptocurrency for payments, including taxes, fees, fines, and other government charges. Ohio is among twelve US states that have proposed bills giving their local treasuries permission to buy crypto assets.