The Ohio Bitcoin Reserve Act aims to modernize the state's financial operations by allowing the investment of state funds in bitcoin and requiring state entities to accept cryptocurrency payments. Key provisions include the establishment of the Ohio bitcoin reserve fund, which will be managed by the treasurer of state and will consist of transferred amounts from other sections of the Revised Code and donations. The bill mandates that governmental entities accept cryptocurrency for various payments, as approved by the tax commissioner, and transfer received cryptocurrency to the treasurer for investment purposes.

Additionally, the bill outlines the treasurer's responsibilities regarding bitcoin management, including a five-year holding period for acquired bitcoin and the acceptance of donations. It also requires the treasurer to prepare a biennial report on bitcoin holdings and related transactions. The bill introduces new regulations for handling unclaimed or forfeited property, specifically addressing cryptocurrencies, and allows for their transfer to the Ohio bitcoin reserve fund. Furthermore, it repeals existing sections of the Revised Code related to property and payments to accommodate cryptocurrencies, thereby updating the legal framework for state financial transactions.

Statutes affected:
As Introduced: 9.16, 113.40, 2981.12