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- TJ Roberts goals to make Kentucky the “Crypto Capital of the World” with new laws.
- Roberts plans to take away gross sales tax on valuable metals to combat inflation and shield residents.
- A number of states, together with Kentucky, push for Bitcoin reserves to cut back reliance on the greenback.
Kentucky Consultant TJ Roberts has introduced plans to introduce the Bitcoin Strategic Reserve Act subsequent week. In a publish on X (previously Twitter), Roberts stated the invoice would strengthen Kentucky’s financial system whereas positioning the state because the “Crypto Capital of the World.” He argued that inflation and flawed federal insurance policies have made it mandatory for states to take management of their monetary future.
Roberts believes Bitcoin reserves may assist protect Kentuckians from financial instability. Again in 2024, in a February 6 press launch, he stated inflation is at an all-time excessive and that Kentucky wants an unbiased monetary technique. As a part of his plan, he’s additionally pushing to eradicate the gross sales tax on gold and silver, arguing that it might assist shield buying energy.
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Taking a Stand Towards CBDCs
A key a part of Roberts’ proposal is his opposition to Central Financial institution Digital Currencies (CBDCs). He claims CBDCs threaten monetary privateness and provides the federal government an excessive amount of management over private funds. By banning them in Kentucky, Roberts says the state can safeguard financial freedom and entice companies that wish to function with out federal overreach.
His plan takes inspiration from Wyoming, which has change into a hub for crypto-friendly laws. He proposes adopting comparable insurance policies to draw crypto-related companies and drive financial development in Kentucky.
Bitcoin Reserves: A Rising State-Stage Motion
Roberts’ invoice aligns with a broader development of U.S. states pushing for Bitcoin reserves. In South Dakota, Consultant Logan Manhart has launched comparable laws, and if each states observe by, they’ll be part of at the very least 14 others in advancing state-level Bitcoin reserve payments.
https://twitter.com/ManhartLogan/standing/1884303082139595256
A number of Kentucky lawmakers, together with Steve Doan, Sweet Massaroni, Steve Rawlings, and Josh Calloway, have voiced help for Roberts’ proposal. Their backing suggests rising political momentum for state-controlled Bitcoin reserves as a hedge in opposition to federal financial insurance policies.
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With inflation rising and belief in federal insurance policies at an all-time low, lawmakers see Bitcoin as a monetary safeguard, the query stays—will Kentucky prepared the ground, or will federal resistance gradual the motion down?
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