TOPEKA (KSNT) - A senate bill introduced earlier this month would authorize the Kansas Public Employees Retirement System (KPERS) to use the Kansas public employees retirement fund to buy bitcoin. Kansas Republican Senator Craig Bowser introduced Senate Bill 34 on Jan. 16 which would establish a KPERS board of trustees who will manage the bitcoin investing. The board of trustees would be authorized to spend up to 10% of the money in the state retirement fund on bitcoin exchange-traded products. The bill describes Bitcoin as the decentralized digital currency launched in 2009 based on Satoshi Nakamoto's white paper titled "Bitcoin: a peer-to-peer electronic cash system." The board of trustees would invest up to 10% of the public retirement fund to buy Bitcoin through a Kansas-based investment company, according to the bill. If the value of the bitcoin exceeds 10%, the board is not required to sell unless it is in the best interest of the members and beneficiaries of KPERS. $11.5 million Caterpillar Wamego plant may have a new owner soon, what to know Under the bill, the board of trustees would provide the governor with an annual examination of the investment program. For more local news, click here. Keep up with the latest breaking news in northeast Kansas by downloading our mobile app and by signing up for our news email alerts. Sign up for our Storm Track Weather app by clicking here.