The Ohio Bitcoin Reserve Act proposes significant amendments to the Revised Code, allowing state funds to be invested in bitcoin and mandating that state entities accept cryptocurrency for various payments, as approved by the tax commissioner. Key provisions include the establishment of a process for transferring received cryptocurrency to the treasurer of state for investment, as well as a reimbursement mechanism for governmental entities in U.S. dollars from the Ohio bitcoin investment fund. If the fund's balance is insufficient, the director of budget and management is responsible for covering the shortfall from the general revenue fund. Additionally, the bill creates the Ohio bitcoin reserve fund within the state treasury, which will be administered by the treasurer of state, who is authorized to acquire bitcoin with a mandatory holding period of five years.

The bill also addresses the handling of unclaimed or forfeited property by law enforcement, specifically regarding cryptocurrency, and allows for the transfer of Bitcoin to the Ohio Bitcoin Reserve Fund. It mandates the treasurer to adopt rules for administering these provisions, including security protocols and donation procedures. Furthermore, the bill repeals existing sections related to property and payments to streamline the legal framework, while emphasizing transparency through annual reports from community addiction services providers that receive funds from forfeited property. Overall, the Ohio Bitcoin Reserve Act aims to modernize the state's approach to cryptocurrency and improve the management of unclaimed property.

Statutes affected:
As Introduced: 9.16, 113.40, 2981.12