Minnesota lawmaker introduces Bitcoin Act to allow state investments in crypto

A Bitcoin bill was presented to the Minnesota State Senate which proposes to authorize investments in Bitcoin and promotes the use of cryptocurrencies in certain areas.

In a March 18 statementSenator Jeremy Miller, who presented the bill, said that Minnesota Bitcoin Act (SF2661) aims to modernize the state financial landscape and position Minnesota as a leader in digital assets.

Below SF 26661The Minnesota State Board of Investment would be authorized to allocate public funds to Bitcoin and other cryptocurrencies, treating them in the same way as traditional investments such as shares and obligations.

In addition, state employees will have the opportunity to include Bitcoin and other cryptocurrencies in their retirement plans.

The legislation would also allow residents to pay taxes and state costs with Bitcoin, according to the traces of states as Colorado and utah.

In addition, the bill includes tax incentives for the benefits of cryptocurrencies, allowing certain bitcoin gains and other cryptocurrencies to remove taxable income.

“I believe that world digital currencies are there to stay, and it is inevitable that they become more and more common,” said Miller.

According to him, cryptocurrencies would benefit Minnesota by offering “new financial opportunities” and by giving the State a “strategic position to take advantage of the tip of this digital revolution.

“Crypto is a versatile digital active ingredient that can be used in several ways, including as investments, in global currencies or coverage against inflation,” he added.

Minnesota follows more than a dozen other American states that reflect on state cryptocurrency investments. Some states such as Arizona and Texas have introduced several invoices.

On March 11, Texas State legislators Presentation of the house Bill 4258which allows the chief accountant of Texas and a financial guard dog to invest up to $ 250 million in the balance of the state stabilization of the state in Bitcoin or other types of cryptographic assets.

The next day, senator Cynthia Lummis presented An updated version of its July Strategic Reserve Act, which allows the government to hold more than a million bitcoins.