Tennessee Treasury Prepares to Hold Cryptocurrencies

Tennessee treasury prepares to hold cryptocurrencies. In Tennessee, the treasury is looking for a company that will hold cryptocurrencies, especially Bitcoin, on behalf of the state.

The US state of Tennessee is looking for a company that will store cryptocurrencies on behalf of the treasury. According to the news of the local news outlet Nashville Post, the state treasury, in its request for proposal, asked companies to explain how they will manage virtual currencies such as Bitcoin that will be in the treasury. In the request for proposal, it was stated that there are no cryptocurrencies in the treasury at the moment, but this step was taken to be prepared if unclaimed cryptocurrencies were sent to the state's 'unclaimed property program'. The Tennessee treasury currently holds over $1 billion in assets this way. Meanwhile, Jason Powell, a lawmaker from the state with a population of 7 million, submitted a bill to the state legislature in February that paves the way for cryptocurrency and NFT investments. In his statement at that time, Powell said, “I believe in blockchain technology. We must be quick and not lagging behind. We must make sure that we prepare the appropriate environment to support technology. We have to do whatever it takes to make cryptocurrency-focused businesses thrive here.” The bill, if approved, would allow states and other municipalities to invest in cryptocurrencies and NFTs. Finally, earlier this month, Tennessee Titans, one of the American Football League (NFL) teams, announced that they would accept payments with Bitcoin.