Tennessee is preparing to store crypto as it seeks a vendor for digital assets

As cryptocurrencies gain acceptance as a viable alternative to established payment methods, governments worldwide are exploring ways to bring the innovative asset class under their control and integrate it into their operations.

One of them is the state of Tennessee’s government, which has begun searching for a contractor to retain cryptocurrency on its behalf. Indeed, the Tennessee Department of Treasury published a request for proposals (RFP) on April 21 to detail how the custodian will manage the state’s crypto assets, including Bitcoin (BTC).

When it comes to virtual currency, RFP #30901-49622 notes that the state of Tennessee does not presently have any digital assets, but it wants to be prepared “in case unclaimed virtual currency is remitted to state unclaimed property programme.”

Indeed, the state’s unclaimed property totals more than $1 billion, and the unclaimed property program’s mission is to locate and restore cash to its rightful owners or heirs. The designated custodian would be tasked with the responsibility of holding any unclaimed digital currency.

Ukraine prohibits the purchase of cryptocurrency using local money. Hryvnia Decred (DCR) and Tron (TRX) are the best-performing coins in the top 100, with significant increases in the previous 24 hours.

Companies must include in their applications “a narrative demonstrating the Respondent’s expertise dealing directly with Unclaimed Securities and virtual currency” or their “knowledge of how Unclaimed Securities and virtual currency are unique to custody services and how the Respondent will be able to deliver those services.”

Additionally, businesses must offer “a full description of the technology, services, and procedures they intend to utilise” in connection with various forms of cryptocurrencies, including but not limited to Bitcoin.

Additionally, organisations are requested to submit a price structure based on their capacity to handle a monthly cryptocurrency trading volume of $500,000 in cryptocurrencies and 50 Bitcoin transfers or withdrawals from an exchange.

May 10 is a potential date for revealing the winning vendor. Additionally, it is worth noting that the state of Tennessee was a pioneer in bringing Bitcoin to the public. Specifically, as Finbold revealed in December 2021, its city of Jackson became the first in the whole nation to provide the flagship digital asset as a payroll alternative for its workers.

Also Read: US Has Imposed New Restrictions On Russian Firms, Including BitRiver