A senator from Oklahoma advocates for the Bitcoin Liberty Act, aiming to legalize Bitcoin transactions. This move would provide both employees and businesses with additional financial options as they grapple with rising inflation issues.
Senator Dusty Deevers from Elgin, a Republican, has proposed a new legislation titled the “Bitcoin Freedom Act”. If passed as SB325, this bill would enable employees in Oklahoma to opt for receiving their wages in Bitcoin (BTC). Additionally, it would grant vendors the flexibility to accept Bitcoin as a form of payment for their goods and services.
On the 8th of January, Senator Deevers unveiled a proposal, suggesting that Bitcoin might offer a remedy for inflation and a weakened traditional currency. According to Deevers, Bitcoin stands out as a means to safeguard earnings and investments during periods when inflation undermines the purchasing power of diligent Oklahoma residents. As the dollar’s value diminishes due to inflation, he believes that Bitcoin could serve as an additional shield for the financial health of Oklahomans.
Bitcoin functions as a digital, non-government controlled currency with a limited supply. It’s frequently viewed as a safeguard against inflation because its worth can’t be eroded by government policies like traditional currencies. The increase in Bitcoin’s value has been notable as the U.S. dollar‘s value decreased due to inflation, making it more appealing as a means for long-term savings or storage of value.
With SB325, the adoption of Bitcoin is entirely optional. Individuals – be they employees, employers, or business owners – have the freedom to choose whether they want to use Bitcoin as a payment method. This approach aligns with free market principles and allows people to make the best decision for their unique situations.
Oklahoma to Consider Bitcoin Payment Bill in Upcoming Legislative Session
The influence of Bitcoin within the economy is becoming increasingly significant, as highlighted by Deevers. Notably, President Trump expressed strong support for Bitcoin during his campaign and even participated in several prominent Bitcoin events. Given Bitcoin’s current position in our economic landscape, it’s clear that Bitcoin plays a crucial role in shaping our financial future, according to Deevers. The proposed bill aims to position Oklahoma at the forefront of adopting new financial technologies, offering its citizens more diverse options, which is a belief shared by Deevers.
During Oklahoma’s 60th legislative session, commencing on February 3, there may be discussions about the Bitcoin Freedom Act. If this bill is passed, residents of Oklahoma would have the ability to transact using Bitcoin as a payment method. This move could provide a means for people to safeguard their earnings or investments from inflationary pressures.
Ultimately, SB325 empowers Oklahoma residents to decide where their funds go by accepting Bitcoin as a form of payment. If approved, the state could transform into a trailblazer in the digital currency sector.
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2025-01-13 11:20