The Ohio Bitcoin Reserve Act proposes significant amendments to the Revised Code, allowing state funds to be invested in bitcoin and requiring state entities to accept cryptocurrency for payments. The bill mandates that governmental entities accept cryptocurrency, with payers potentially responsible for service fees, and requires that any received cryptocurrency be transferred to the treasurer of state for investment. Additionally, it establishes the Ohio bitcoin reserve fund, which will be managed by the treasurer and will involve acquiring bitcoin as an investment, held for a minimum of five years. The bill also outlines secure custody solutions for bitcoin and necessitates a biennial report on the state's bitcoin holdings to ensure transparency.

Moreover, the act addresses the handling of unclaimed or forfeited property, allowing bitcoin to be transferred to the Ohio bitcoin reserve fund or disposed of under existing unclaimed property regulations. It includes provisions for the treasurer to adopt rules for administration, security protocols, and donation procedures. The bill also introduces a definition for "cryptocurrency" and requires the tax commissioner to publish an annual list of acceptable cryptocurrencies for tax payments. Notably, it repeals existing sections of the Revised Code that previously governed property disposal and tax payments, reflecting a modernized approach to integrating cryptocurrency into state financial operations.

Statutes affected:
As Introduced: 9.16, 113.40, 2981.12