Key Points
- Dusty Deevers, an Oklahoma Senator, has proposed legislation to allow Bitcoin payments and salaries in the state.
- The Bitcoin Freedom Act aims to provide a secure framework for Bitcoin use and authorize it as a valid medium for transactions.
Republican Senator Dusty Deevers from Oklahoma has filed a bill that, if passed, will permit residents and employees in the state to receive their salaries in Bitcoin (BTC).
The proposal also includes provisions for vendors to accept BTC payments. According to Deevers, this move is a response to the increasing inflation which is affecting the purchasing power of Oklahomans.
Bitcoin as a Protection against Inflation
Deevers asserts that Bitcoin presents an opportunity to safeguard the earnings and investments of the state’s residents.
He introduced the Bitcoin Freedom Act on January 8, stating, “As Bitcoin continues to rise and the value of the dollar continues to be printed away in Washington D.C., Oklahoma must act to protect our people.”
The proposed bill, SB325, promotes voluntary participation, emphasizing “free-market principles”. It allows employees, employers, and businesses to choose their preferred payment methods.
Purpose of the Bitcoin Freedom Act
The Bitcoin Freedom Act aims to establish a secure framework for the use of Bitcoin by the State of Oklahoma, private businesses, and individual residents.
It also seeks to authorize Bitcoin as an acceptable medium for transactions, salaries, and investments.
Deevers believes that the pro-Bitcoin campaign by Donald Trump during the last Presidential election has brought BTC into the mainstream economy, making it an integral part of the future global economy.
He further stated that the legislation will put Oklahoma in a leadership role nationally and will ensure that the state “embraces the future of financial technology while providing our citizens with more financial options”.
The Bitcoin Freedom Act is slated for consideration during the 60th legislative session starting on February 3. Senator Deevers has been advocating for it while expressing his concerns about the rising inflation in the US.
Deevers has also expressed concerns about central bank digital currencies (CBDCs), stating that they facilitate government overreach and surveillance. He praised Bitcoin for promoting financial sovereignty and for its decentralized, censorship-resistant design that allows individuals to retain full control over their money.
