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Colorado Senate Committee Considers Using Crypto to Raise State Capital

Stephen Carpenter

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Colorado senators are considering a bill “to study the feasibility of using security token offerings for state capital financing” entitled “Security Token Offerings State Capital Financing.”

A security token offering creates fractional tokens of an underlying asset without selling the asset directly. The bill looks to explore a new method of state capital financing, as noted below.

“Concerning state capital financing managed by the state treasurer, and, in connection therewith, expanding the types of collateral that can be used to secure such financing and making an appropriation.”
State financing traditionally comes through income taxes, sales taxes, and federal transfers. While tokens such as MiamiCoin have attempted to create new income streams to invest in local projects, they are not officially backed by local government.
Colorado could be the first state to turn to crypto to increase its funding options to reinvest into infrastructure and services.
The Colorado State Treasurer has until March 2023 to present its findings and recommendations. A positive assessment could stimulate future legislation to propose the direct use of Security Tokens for raising state capital.
The bill also sets out guidelines for what will happen if the bill passes. Security Tokens, according to the bill, will ;

Allow all investors, including retail, to invest
Reduce State’s reliance on commercial banks
Reduction in overall state costs

Almost $500 million has been assigned to the feasibility study.  This war chest will allow Colorado to dive into Security Tokens to review their potential value thoroughly.  As the amendments to the bill have been passed, it will now be taken back to the senate to ratify it into law.
The last vote went 6 to 3, with all “nay” coming votes coming from Republicans. The amendments focused on some improvements to the  technical language and broadened the definition of “eligible state facility.”

The post Colorado Senate Committee considers using crypto to raise state capital appeared first on CryptoSlate.

Original Article: cryptoslate.com

Finance

Senior European Union Officials Praise Late Sheikh Khalifa Bin Zayed

Stephen Carpenter

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BRUSSELS, 14th May, 2022 (WAM) — Senior European Union officials have affirmed that the UAE, during the era of the late Sheikh Khalifa bin Zayed Al Nahyan, achieved growth, comprehensive renaissance, peace and stability in the region.

Charles Michel, President of the European Council, said, “We received

Original Post: bignewsnetwork.com

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Finance

Employee Union Moves Delhi HC Against Pawan Hans Disinvestment

Stephen Carpenter

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New Delhi [India], May 14 (ANI): All India Civil Aviation Employees Union has moved Delhi High Court seeking its direction to set aside the impugned notice inviting expression of interest dated December 8, 2020 issued by the Central government for the proposed strategic disinvestment of the entire equity shareholding of 51 per cent in Pawan Hans Limited (PHL).
Petitioner Union through Advocate Satya Sabrawal also seeking

Original Article: bignewsnetwork.com

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Finance

Sports Minister Leads Yog Mahotsav Celebrations in New Delhi, Dharamshala

Stephen Carpenter

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New Delhi [India], May 14 (ANI): Yog Mahotsav, a unique evening organized by the Ministry of Youth Affairs and Sports in the run-up to the International Day of Yoga on June 21, was held simultaneously in Dharamshala and New Delhi on Saturday, with Union Minister of Youth Affairs and Sports Anurag Thakur leading the 40-minute Yoga protocol from the Dharamshala stadium.
More than 2,000 athletes and yoga practitioners joined

Article: bignewsnetwork.com

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