Salaries and payments in Bitcoin? Understand the new bill

A new bill provides for wages and payments in Bitcoin (BTC) in a US state. Oklahoma Senator Dusty Deevers introduced his legislative proposal, the Bitcoin Freedom Act (SB325), on January 8. The bill aims to integrate the largest cryptocurrency on the market, Bitcoin, into the economy of the state of Oklahoma.

The recently introduced bill concerns allowing employees and suppliers to conduct transactions in Bitcoin, positioning the asset as an alternative to the dollar that has been weakened by inflation.

O document highlighted the main points of the project:

“An Act relating to Bitcoin; declaring intent; defining terms; exempting certain businesses from certain licensing requirements; authorizing public employees, private businesses, and individuals to trade and receive payments in Bitcoin; authorizing certain employees and vendors to elect to receive compensation in Bitcoin; prescribing requirements; prescribing amounts; providing for deposit of funds; requiring the State Treasurer to create a certain request for proposal; providing for consideration; requiring the Treasurer to enter into a certain contract by a certain date; authorizing the Treasurer to promulgate rules; requiring the Oklahoma Tax Commission to issue certain guidance; providing for non-codification; providing for codification; and providing for an effective date.”

The bill aims to allow Bitcoin transactions between state agencies, private companies, and personal transactions. The measure will ensure adherence to relevant financial regulations in the region. Commenting on the bill, the lawmaker noted that this change could offset the damage suffered due to inflation and make “Oklahoma a national leader.”

“If Washington, D.C., can ruin something, it probably will. And it’s certainly ruining the U.S. dollar. Inflation caused by reckless spending and money printing is eroding the purchasing power of Oklahomans. It’s long past time to start looking for options that are less vulnerable to DC’s recklessness and incompetence. The Bitcoin Freedom Act allows workers to opt to receive their pay in Bitcoin if they so choose. This small but potentially game-changing change has the potential to offset the damage suffered due to inflation and make Oklahoma a national leader in embracing the future of fintech.” wrote .

At the time of publication, the price of Bitcoin was quoted at US$92.344,64, down 3.4% in the last 24 hours.