Arizona approves Bitcoin and digital assets reserve fund 

The governor of Arizona, Katie Hobbs, approved a new law which allows the State to take control of the digital assets left un requained for three years or more.

The announcement was made via May 7 press release On the governor’s official website, after the adoption of the Chamber 2749 bill with bipartite support for the state legislature. The new law updates the laws on Arizona’s unqualized properties to approach the rise of digital assets, including cryptocurrencies.

Sponsored by the chairman of the Chamber’s Commerce Committee, Jeff Weninger, HB2749 creates a process of identifying and managing virtual goods not claimed and establishes a bitcoin (BTC) and the reserve fund for digital assets, which could be used for future credits with legislative approval.

“Digital assets are not the future – they are the present,” said the chairman of the Chamber’s Commerce Committee, Jeff Weninger, who sponsored the bill. “We have built a structure that protects property rights, respects property and gives state tools to take into account a new category of value in the economy.”

Below lawDigital assets are considered abandoned if the owner does not respond to communications over a period of three years. After that, they must be given to the Ministry of Arizona income in their original digital form. The qualified guards of the State are authorized to access these assets or to accept paratroopers, with products addressed to the New Reserve Fund.

Above all, the fund was not based on taxpayers’ money or public funds. Any award for jealking or air token is placed in the reserve, which is managed by the state treasurer and subject to legislative surveillance.

This development comes a few days after Hobbs has opposed its veto to the Senate Bill 1025, which proposed to invest funds seized in Bitcoin, citing concerns about the use of public funds on “not tested assets”. However, HB2749 avoids these concerns by focusing on abandoned assets rather than active investments.

Arizona’s decision follows similar legislation in New Hampshire, where the State allow Investment in cryptocurrencies with a market capitalization of more than $ 500 billion, a threshold currently reached by Bitcoin alone.