Oklahoma Senator proposes Bitcoin Freedom Act to allow Bitcoin payments, offering employees and businesses more financial choices amid inflation concerns.
Senator Dusty Deevers, R-Elgin, has introduced a new bill called the Bitcoin Freedom Act. SB325, the bill, would allow employees in Oklahoma to be allowed to choose to receive payments in Bitcoin (BTC). This would also allow vendors to accept Bitcoin as payment for goods and services.
On January 8, Senator Deevers announced the proposal, claiming that Bitcoin could provide a solution to inflation and a devalued traditional currency. Deevers says Bitcoin is unique to protect earnings and investments “in a time when inflation is eroding the purchasing power of hard working Oklahomans.” As the value of the dollar decreases because of inflation, he feels Bitcoin can be an extra layer of protection to the financial well-being of Oklahomans.
Bitcoin is a fixed supply decentralized cryptocurrency. It is often considered a hedge against inflation as it cannot be devalued by government policies in the same way as traditional currencies. Bitcoin’s value has gone up as U.S. dollar value plummeted due to inflation. And this has made it more attractive as a store of value.
However, with SB325 the use of Bitcoin is completely voluntary. Whether or not to use Bitcoin as a payment method is up to employees, employers, and businesses. This is respecting of free market principles and letting people take the optimal decision for their condition.
Oklahoma to Consider Bitcoin Payment Bill in Upcoming Legislative Session
Bitcoin’s role in the economy is growing, Deevers also pointed out. President Trump campaigned heavily, very much so, as a pro-Bitcoin candidate and even spoke at many prominent Bitcoin events. With Bitcoin now in the mainstream of our economy, there’s no question that Bitcoin is a key part of our financial future, Deevers added. The bill would place Oklahoma out in front of other states when it comes to embracing new financial technologies and offering its citizens more choices, he believes.
Oklahoma’s 60th legislative session, which begins February 3, may consider the Bitcoin Freedom Act. By passing the bill, Oklahoma residents could use Bitcoin as a payment option. This step will help those people protect their salaries or investments from inflation.
Finally, SB325 encourages Oklahomans to choose how they spend their own money by including Bitcoin as a payment option. But if it wins passage, the state could also become a much more forward-thinking place in the digital currency world.
