Bill > SB57

This bill establishes a comprehensive framework for Ohio to accept, invest in, and manage cryptocurrency, specifically Bitcoin. The legislation requires all governmental entities in Ohio to accept cryptocurrency as a valid form of payment for taxes, fees, and other expenses, with the caveat that payers may be charged service fees for cryptocurrency transactions. The treasurer of state is authorized to invest state funds in Bitcoin and create an Ohio Bitcoin Reserve Fund, which can receive donations from state residents, institutions, and government entities. The bill mandates strict security protocols for storing cryptocurrency, including using a "secure custody solution" that ensures private keys are encrypted, geographically diversified, and protected from unauthorized access. The tax commissioner will annually publish a list of approved cryptocurrencies for state transactions, and the treasurer of state must provide biennial reports detailing the state's Bitcoin holdings, their value, and any security concerns. Additionally, the bill allows law enforcement agencies to transfer forfeited Bitcoin to the state's Bitcoin reserve fund and provides a legal definition of cryptocurrency that emphasizes its role as a secure, decentralized form of digital value. The overall aim is to modernize Ohio's financial infrastructure by integrating cryptocurrency into state financial operations and investment strategies.

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https://www.legislature.ohio.gov/legislation/136/sb57