A proposal has been introduced in the Minnesota state senate regarding Bitcoin, advocating for investment opportunities in Bitcoin and the promotion of cryptocurrency usage in specific sectors.
In a statement released on March 18, Senator Jeremy Miller, the bill’s sponsor, remarked that the Minnesota Bitcoin Act (SF2661) seeks to modernize the state’s financial landscape, positioning Minnesota as a leader in the realm of digital assets.
Under SF 2661, the Minnesota State Board of Investment would be permitted to invest state funds in Bitcoin and other cryptocurrencies, aligning them with traditional investments such as stocks and bonds.
Moreover, state employees would be given the choice to incorporate Bitcoin and other digital currencies into their retirement plans.
This legislation would also permit residents to settle state taxes and fees using Bitcoin, echoing similar measures taken by states like Colorado and Utah.
Additionally, the bill proposes tax incentives for gains made from cryptocurrency, allowing certain profits from Bitcoin and other digital currencies to be deducted from taxable income.
“I believe global digital currencies are here to stay, and it’s only a matter of time before they become even more mainstream,” Miller stated.
He emphasized that cryptocurrencies would provide Minnesota with “new financial opportunities” and position the state strategically to capitalize on the burgeoning digital revolution.
“Crypto is a versatile digital asset that can be used in numerous ways, whether as an investment, a global currency, or a safeguard against inflation,” he noted.
Minnesota joins more than a dozen other states in the U.S. considering cryptocurrency investments. States like Arizona and Texas have already put forth several bills on this front.
Just recently, on March 11, Texas lawmakers introduced House Bill 4258, allowing the state’s chief accountant and financial overseer to invest up to $250 million of the state’s economic stabilization fund balance into Bitcoin or other crypto assets.
The day after, Senator Cynthia Lummis unveiled an updated version of her Strategic Bitcoin Reserve Act, which authorizes the government to hold over 1 million Bitcoins.