North Dakota Legislature Proposes Digital Assets for State Treasury

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  • North Dakota plans to diversify treasury funds with digital assets and metals to combat inflation.
  • Lawmakers aim to secure state finances by investing in digital assets and precious metals.
  • The resolution promotes digital assets as a hedge against inflation and economic uncertainty.

North Dakota lawmakers have introduced a resolution to diversify the state treasury’s investments by including digital assets and precious metals. The House Concurrent Resolution 3001 (HCR3001) was presented on January 7. It aims to safeguard the financial resources of the state against inflation and economic uncertainties.  

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The resolution is sponsored by six Republican representatives and two senators. It proposes allocating portions of the general fund, budget stabilization fund, and legacy fund toward these investments. If passed, the move would encourage the State Treasurer and State Investment Board to consider digital assets as part of the state’s portfolio.  

Investment Aimed at Inflation Hedging  

The proposed resolution highlights the need for careful investments due to changing economic conditions. By including digital assets, lawmakers aim to strengthen North Dakota’s financial resilience. These assets, along with precious metals, are viewed as potential hedges against inflation and market instability.  

The legislature has emphasized transparency in the process. Copies of the resolution have been forwarded to the State Treasurer and the State Investment Board for further consideration. This ensures alignment with the state’s financial goals while maintaining accountability.  

Broader Interest in Digital Asset Reserves  

North Dakota joins other states exploring similar initiatives. On January 9, New Hampshire introduced a bill to allocate up to $360 million in cryptocurrencies. The legislation, however, limits investments to assets with a market cap exceeding $500 billion over the past year. This restriction would make Bitcoin the only eligible cryptocurrency.  

Unlike New Hampshire, North Dakota’s resolution avoids specific mentions of Bitcoin. This approach aligns with the preference for technology-neutral policies in some U.S. states. Other states, including Texas, Pennsylvania, and Florida, are also considering adding Bitcoin or other digital assets to their strategic reserves.  

Upcoming Vote and Potential Impact  

The North Dakota resolution is scheduled for a vote on Tuesday. While it does not mandate immediate action, it reflects the growing interest in digital assets as part of state investment strategies. If passed, the resolution could set a precedent for future treasury diversification efforts.  

The post North Dakota Legislature Proposes Digital Assets for State Treasury appeared first on Cryptonewsland.

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