Home Markets News & Opinions Utah Legislator Introduces Bill To Promote Bitcoin

Utah Legislator Introduces Bill To Promote Bitcoin

Lester Coleman
Last Updated March 4, 2021 4:42 PM

Utah State Rep. Mark K. Roberts has introduced a bill to create a Council on Payment Options for State Services with the intention of promoting bitcoin-related industries and the use bitcoin for state business. The resolution, H.C.R. 6, encourages the use of bitcoin for state business and notes that Utah could become a key player in promoting bitcoin.

Roberts, a Republican from the state’s 67th district, proposes that the Council on Payment Options for State Services study whether and how the state could accept bitcoin as a valid form of payment. The resolution calls for various state offices to accept payment using bitcoin in conducting business. These offices include the state treasurer, the division of finance, the governor’s office of management and budget, and the state tax commission.

Bitcoin can draw new talent

“Technology industries, including emerging technologies play a growing role in its economy and culture. The state must also remain open to new technologies and ideas to continue attracting talented and educated entrepreneurs.”

The bill states. Bitcoin, it continues, is the world’s first decentralized digital currency and may hold promising benefits for individuals, communities and the state.

“Bitcoin provides merchants with an attractive alternative mechanism for accepting payments because transaction fees for bitcoin are generally much lower than those imposed by other payment processors,”

In addition:

•    Bitcoin is based on the principles of free-market capitalism and is not centrally regulated.
•    Many major companies now accept bitcoin as a valid form of payment, including Utah-based Overstock.com.
•    Bitcoin’s worldwide market capitalization is valued at about $3.3 billion.

Governor urged to appoint council chair

Roberts’ measure notes that the governor propose the state treasurer or a designee chair the council.

He also calls on the legislature and governor to consider how the state could minimize its exposure to risk related to bitcoin if it accepts payment using bitcoin.