Tennessee Bill to Allow Bitcoin Purchase

On the same day, a second piece of legislation was presented with the goal of making Tennessee the top U.S. destination for Bitcoin users.

  • It was proposed in Tennessee that the state and local governments might invest in bitcoins.
  • To help make Tennessee a top Bitcoin business location, another measure was submitted on the same day that would create a working committee to look into the possibility of doing so.
  • Both legislation were introduced by State Rep. Jason Powell.

To allow the state of Tennessee and other municipalities to invest in bitcoin, cryptocurrencies, and NFTs, Democrat Representative Jason Powell proposed a draught law.

According to the bill summary, Tennessee House Bill 2644 “authorises a county, municipality, or the state to invest in cryptocurrency, blockchains, and non-fungible tokens.”

When the bill was first submitted on Tuesday, Feb. 2, it was assigned to the House Committee on Finance and Ways and Means, where it awaits further review.

House Bill 2643 was introduced the same day by Powell to create a blockchain and cryptocurrency study committee “to help determine how to make… Tennessee the most forward thinking and pro-business state for… cryptocurrency and blockchain and to foster a positive economic environment for… blockchain and cryptocurrency,” per the bill text.

One representative from an academic institution designated by the chair; one representative from a financial institution; and one representative from a federal government agency would make up the committee’s five members.

On Tuesday, the Business and Utilities Subcommittee of the House of Representatives assigned House Bill 2643 for further examination.

To get the year 2022 off to a flying start, lawmakers have been submitting Bitcoin-related legislation. Earlier this month, Senator Wendy Rogers of Arizona filed a bill that would allow the state to accept bitcoin as currency. As a result of the bill’s passage, Arizonans would be able to pay their obligations, taxes, and fees using bitcoin, making the digital currency a legal form of payment in the state.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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