The Ohio Bitcoin Reserve Act proposes significant amendments to the Revised Code to facilitate the investment of state funds in bitcoin and to require state entities to accept cryptocurrency payments. Key provisions include a mandate for governmental entities to accept cryptocurrency for various payments, as approved by the tax commissioner, and the establishment of a process for transferring received cryptocurrency to the treasurer of state for investment. The bill also outlines the treasurer's responsibilities regarding the management of the Ohio bitcoin reserve fund, including the acquisition, secure custody, and reporting of bitcoin holdings.

Additionally, the bill introduces new regulations for handling unclaimed or forfeited property by law enforcement, specifically addressing cryptocurrency. It allows for the transfer of bitcoin to the Ohio bitcoin reserve fund and mandates the treasurer to adopt rules for administering these provisions, including security protocols. The bill also emphasizes transparency by requiring 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 financial operations and enhance its ability to manage cryptocurrency transactions effectively.

Statutes affected:
As Introduced: 9.16, 113.40, 2981.12