Rep. Jordan Pace reintroduced Bill H. 4256 to the South Carolina House, aiming to allow the State Treasurer to allocate 10% of state funds into digital assets like bitcoin. This initiative seeks to hedge against inflation's impact on asset value, proposing a reserve of up to one million bitcoin. While the bill doesn’t specify key management for digital assets, it emphasizes the development of security policies and necessitates regular audits and public disclosures to enhance transparency and accountability regarding the reserve's holdings.
The 'Strategic Digital Assets Reserve Act Of South Carolina' allows the State Treasurer to invest up to 10% of state funds into digital assets to hedge against inflation.
This bill aims to establish a Strategic Digital Assets Reserve potentially holding up to one million bitcoin, a measure intended to counter the effects of inflation.
The Act advocates for transparency, requiring the State Treasurer to publish proof of reserves and undergo audits to assure the public of the reserve's security.
While the bill allows the State Treasurer to implement security measures for digital assets, it does not specify whether state officials must hold private keys.
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