Oklahoma Bill Aims to Enable Bitcoin Payments for Workers and Businesses
A new bill introduced in Oklahoma aims to give employees the option to receive their salaries in Bitcoin, while also enabling businesses to accept the cryptocurrency as payment.
The proposed legislation, titled SB325, was presented by state senator Dusty Deevers on January 8, and it outlines a framework that would allow Bitcoin to be used for transactions, salaries, and investments within the state.
This bill, known as the Bitcoin Freedom Act, aims to offer Oklahomans a way to protect their earnings and investments from the effects of inflation. Senator Deevers argued that Bitcoin provides a viable alternative for wealth preservation, especially as the value of the U.S. dollar continues to erode due to inflation. While the bill does not recognize Bitcoin as legal tender, it acknowledges its value as a financial tool within existing legal structures.
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The Bitcoin Freedom Act is designed to give individuals and businesses the freedom to opt into using Bitcoin, with participation being entirely voluntary. It aims to create a secure framework for Bitcoin’s use, respecting free-market principles and allowing businesses and employees to choose the payment options that best suit their needs.
The bill is set to be considered during the 60th legislative session starting February 3, 2025.
In the broader U.S. context, Oklahoma’s move follows similar initiatives in other states. Some states, including Ohio, Texas, and Florida, have been exploring or implementing measures to create Bitcoin reserves or enable the use of Bitcoin for tax payments. Oklahoma’s proposal could position the state as a leader in embracing digital financial technologies, while also providing a potential solution to inflationary concerns for its residents.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
