According to a tweet from a prominent crypto enthusiast and influencer Dennis Porter, the state of Tennessee is planning to keep Bitcoin in its state treasury.
HUGE BREAKING – State of Tennessee prepares to hold #Bitcoin at state treasury.— Dennis Porter (@Dennis_Porter_) April 22, 2022
For the purpose of storing its cryptocurrency assets, the state of Tennessee is on the market for a contractor.
The Tennessee Department of Treasury has issued a request for proposals with a Thursday deadline for possible suppliers to explain how they would handle virtual currencies like Bitcoin.
Unclaimed virtual money may be remitted to the state’s unclaimed property program in the future, and the state is looking for a vendor to “be prepared in the event that unclaimed virtual currency is received.”
A spokesman for the Treasury Department refused to go into more detail or provide the names of any state officials who could provide an interview.
It is the goal of the unclaimed property program to locate the owners of more than $1 billion in assets. Unclaimed money is held by the state, but securities are held by a third-party seller. There are also unclaimed bitcoins in the new vendor’s possession.
The state intends to announce the successful applicant on May 10. In the RFP, prospective suppliers are requested to provide a price structure based on the company’s capacity to handle monthly virtual currency trading volumes of $500,000 and 50 Bitcoin transfers or withdrawals from an exchange account each month.