A New Tennessee Bill Proposes The State To Invest In Bitcoin And NFTs.

Tennessee’s proposal follows in the footsteps of other states in the United States that have taken a pro-crypto stance.

Jason Powell, a Tennessee legislator, has proposed bill that would allow the state to invest in cryptocurrency and non-fungible tokens.

The state legislator proposed House Bill 2644 earlier this month, which would allow a county, municipality, or state to engage in crypto, blockchains, and non-fungible tokens.

This idea was made possible by altering several portions of state legislation that defined what approved investment was and allowed counties to use the state’s excess cash. According to LegiScan, the proposal was received by a subcommittee of the House Finance, Ways, and Means Committee for evaluation and possible consideration.

He also proposed legislation to establish a research group to make the state “the most forward-thinking and pro-business state for cryptocurrency and blockchain, as well as to foster a positive economic environment for blockchain and cryptocurrency.”

It is unknown if the state legislature will adopt these laws, but if they do, the American state will become the world’s newest official body to make investments in digital assets such as Bitcoin and NFTs.

El Salvador, a Central American country, became the first in the world to accept Bitcoin as legal tender. At the same time, despite international concerns, the government has actively acquired the flagship cryptocurrency.

While Tennessee’s new legislative proposal would allow the state to acquire Bitcoin, many states in the United States have taken a more supportive stance toward cryptocurrency adoption.

There are hints in Arizona, for example, that the state is attempting to follow the example of El Salvador by declaring Bitcoin legal tender. This is quite unlikely to occur since the US constitution is very tight about its requirements about legal currency.

Aside from Arizona, the mayors of New York City and Miami have stated a desire to become their cities crypto hubs. They demonstrated their dedication to the cause by taking Bitcoin payments for their salary.

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