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Utah wants to become a ‘key player in promoting the use of bitcoin’


February.13.2015 0 Comments

bitcoinA bill introduced this week in the Utah House of Representatives is seeking to explore ways the state can put bitcoin to use.

“Concurrent Resolution on Payment Options for State Services” was introduced this week by Republican Rep. Marc K. Roberts. It proposes the creation of a Council on Payment Options for State Services, “to study whether and how the state could accept bitcoin as a valid form of payment.”

The resolution points out that bitcoin is attractive to merchants because transaction fees are generally lower than traditional payment processing options, and is “based on the principles of free-market capitalism and is not centrally regulated.” It also points out that Utah was founded “upon the principles of industry and entrepreneurism,” and suggests that embracing new technologies such as virtual currency will attract entrepreneurs to the state.

One of the tasks laid out in the resolution for the proposed Council on Payment Options would be to explore ways to minimize the state’s exposure to risk if it did decide to accept bitcoin as payment for services.