May 21, 2022

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US state wants to put cryptocurrency on its balance sheet »Crypto Insiders

The world of cryptocurrency is increasing day by day. However, many large institutions are still very cautious about entering this market. The cryptocurrency market is extremely volatile and definitely noisy, and institutions with large portfolios have a lot to lose. US state of Tennessee Planning to take the plunge.

cGuardian of Cryptocurrency

to write the Nashville Post† Nashville is the largest city in Tennessee. The United States is looking for a trustee who is willing to hold cryptocurrencies in the name of the state treasury. The details can be found in a 64-page document that has now been deleted, but with the help of the Internet Archive, it has been deleted To find back

As far as we can find it, only Bitcoin (BTC) It is explicitly mentioned, but it clearly states that other cryptocurrencies can be held. There does not seem to be a clear picture of the other cryptocurrencies that I found interesting.

The trading volume that the custodian must be able to process must be at least $500,000 per month and 50 deposits and withdrawals from trading platforms must be possible each month. At the same time, all virtual currencies must be kept in the exchange account. It’s not clear what percentage of the Tennessee Treasury’s total portfolio will go into cryptocurrencies. The Nashville Post writes that the government fund manages a total of more than $1 billion.

No exception more

Currently, cryptocurrency is not held by the country, but that will obviously change soon. It is not clear when this will be, so it may take some time. We also do not know the institutes that are interested in this role.

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Tennessee is not the only place in the US to do this. So Defending the mayor of Miami, Florida normal for bitcoin and other cryptocurrencies. In Colorado you can now enjoy a file pay taxes Banks in Virginia have recently legally allowed To provide services around digital assets.