Tennessee prepares to hold cryptocurrencies: report

Tennessee is seeking a contractor to hold cryptocurrencies on its behalf, the Nashville Post reported this week.

The state’s treasury posted a request that potential vendors explain how their companies would manage its virtual currencies, including bitcoin.

Tennessee currently holds no crypto, but is seeking a vendor in order to “be prepared in the event that unclaimed virtual currency is remitted to the state’s unclaimed property program,” the report said.

A treasury spokesperson declined to elaborate or make any state official available for comment. The state plans to announce the winning applicant on May 10, the report said.

The Block reported in February that a bill introduced in Tennessee's legislature would, if approved, allow the state and other municipalities to invest in cryptocurrency and non-fungible tokens (NFTs).