A Bitcoin bill has been presented to the Minnesota state senate that proposes allowing investments in Bitcoin and promotes cryptocurrency use in certain areas.
Senator Jeremy Miller, who introduced the bill, said the Minnesota Bitcoin Act (SF2661) aims to modernize the state’s financial landscape and position Minnesota as a leader in digital assets.
Under SF 26661, the Minnesota State Board of Investment would be allowed to allocate state funds to Bitcoin and other cryptocurrencies, treating them similarly to traditional investments like stocks and bonds.
Further, state employees will have the option to include Bitcoin and other cryptocurrencies in their retirement plans.
The legislation would also allow residents to pay state taxes and fees with Bitcoin, following in the footsteps of states like Colorado and Utah.
Additionally, the bill includes tax incentives for cryptocurrency earnings, allowing certain gains from Bitcoin and other cryptocurrencies to be subtracted from taxable income.
“I believe global digital currencies are here to stay, and it’s inevitable that they become more and more mainstream,” Miller said.