The state of Tennessee, its municipalities and counties, could invest in cryptocurrencies and NFTs if the bill presented by Democrat Jason Powell is approved.
A bill introduced in the Tennessee House of Representatives seeks to make the state a friendly destination for direct investment in cryptocurrencies, and other digital assets, such as NFT. Democrat Jason Powell, a member of the House of Representatives from the State of Tennessee, he presented Earlier this month, House Bill 2644 was introduced, which seeks to amend Tennessee's state code to allow the state, as well as its municipalities and counties, to directly invest in cryptocurrencies.
This bill has now been assigned to the Tennessee House of Representatives Subcommittee on Finance, Ways and Means for study and review. If passed, Tennessee could become the first state in the US to allow cryptocurrency and NFT investment at the state level.
Since China's absolute rejection of cryptocurrencies, the United States has become one of the favorite destinations for participants in this industry. To date, several American politicians have joined the adoption of these digital assets, as emerging technologies that will further boost the country's economic and technological development, as well as its global leadership.
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Tennessee, Crypto, Blockchain and NFT
The bill reform proposal presented by Jason Powell seeks to integrate cryptocurrencies and NFTs as authorized assets for investment at the state and municipal level within Tennessee. According to the proposal, investment in blockchain and projects related to this emerging technology will also be possible if the new law is approved.
Through this proposal, Powell wants to amend Tennessee state code to add blockchain, cryptocurrencies, and NFTs as a new subdivision. In the bill, blockchain is defined as a distributed ledger system that stores mathematically verifiable data in a decentralized manner. Cryptocurrencies are defined as virtual currencies that use cryptography and blockchain techniques to validate and secure transactions, and NFTs are defined as non-fungible, non-interchangeable, and non-fungible digital assets based on a blockchain.
Jackson, next crypto paradise
Scott Conger, mayor of Jackson County, Tennessee, announced in April last year that he would follow in the footsteps of Miami Mayor Francis Suarez in pushing for cryptocurrency and blockchain innovation in his county. At the time, Conger stated that he was exploring options to integrate Bitcoin as a means of payment and investment asset in the county. He also said that he would make the county a major destination for sustainable Bitcoin mining.
In July, Conger announced the creation of a blockchain-focused task force to advance his plans to make the county a crypto-friendly destination. The Jackson mayor also noted that it may soon be possible for citizens to receive salaries in bitcoin and pay their taxes in it. Conger even said that the county will allow its employees to dollar-cost average (DCA) using bitcoin, currently the largest and most important cryptocurrency on the market.
Other US states and cities are exploring ways to integrate cryptocurrency innovation and boost its development. Miami, Wyoming, Colorado, Texas, Arizona and New York City are currently pushing ahead with plans to add bitcoin and other cryptocurrencies to the state treasury, implement payment of taxes and salaries in crypto or become major Bitcoin mining centres of global reference, to attract thousands of investors from the industry.
Continue reading: Arizona could be the next state to adopt Bitcoin as legal tender
