Tennessee has asked for proposals from contractors to help manage unclaimed cryptocurrencies on its behalf.
According to the announcement, the government has asked potential suppliers to submit a proposal to the Tennessee Treasury Department on how they would govern any cryptocurrency for the state. Although the state does not currently have any cryptocurrencies, the state wants to be ready.
The latest request, dubbed the “Request for Proposals for Custody and Services of Unclaimed Securities and Virtual Currency,” requires these vendors to “remit unclaimed virtual currency into the state for unclaimed property programs.” be prepared for the unclaimed property plan.”
The scheme is a government initiative to reunite owners with their assets. It currently has unclaimed assets worth $1.2 billion. While the state holds cash directly, suppliers hold securities on its behalf. It is now looking to use the same approach with cryptocurrencies.
Requirements include an approved volume price structure
Applicants should provide a price structure for the volume of transactions they are able to handle. The structure is based on a trading volume of $500,000 or 50 BTC transferred across exchanges.
If the government should receive unclaimed crypto assets, the move appears to be an attempt by the government to bring crypto under its control.
However, additional conditions that applicants should also meet include providing a “narrative describing the respondent’s direct experience dealing with unclaimed securities and virtual currency” or “an understanding of unclaimed securities and virtual currency pair custody services and how the respondent will be able to provide these Serve.”
Suppliers must also explain in detail the technologies and processes they plan to use. The deadline to submit proposals is Thursday, and the state plans to announce successful applicants by May 10. The RFP also stated that it is not limited to holding bitcoin.
Tennessee continues to dabble in cryptocurrency policy
Notably, this is not the first time Tennessee has shown interest in cryptocurrencies. The City of Jackson has repeatedly shown interest in cryptocurrencies through several of its policies.
One of the state’s lawmakers, Jason Powell, also introduced a bill in February that would allow the state to directly invest in cryptocurrencies and non-fungible tokens.
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