Bill > SB228

This bill allows the Georgia State Depository Board to authorize the state treasurer to invest in bitcoin, a decentralized digital currency that operates without central authority. The bill requires the state treasurer to develop comprehensive policies and procedures for accepting, storing, and transacting with bitcoin, with a focus on ensuring secure storage and protection of state-owned digital assets. These policies must utilize secure custodial technologies, including "cold storage" (a method of storing cryptocurrency offline in a physically secure location), and may involve working with qualified, U.S.-based custodial entities approved by the board. The bill defines bitcoin and establishes guidelines for its potential use as an investment vehicle for state funds, expanding the existing list of permissible state investments to include this digital asset. By adding these provisions, the legislation seeks to modernize the state's investment options while implementing strict safeguards to protect the state's financial interests in this emerging asset class. The bill ensures that any bitcoin received or invested by the state must be managed in strict accordance with the developed policies and procedures.

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https://www.legis.ga.gov/legislation/70616