According to Cointelegraph, Minnesota Senator Jeremy Miller has proposed the Minnesota Bitcoin Act, which he drafted after completely changing his stance on Bitcoin. In a statement on March 18th, Miller stated, "As I conduct more research on cryptocurrencies and receive increasing feedback from voters, I have gone from being highly skeptical to gradually understanding, and then to believing in Bitcoin and other cryptocurrencies." Miller stated that the bill aims to "promote Minnesota's prosperity" by allowing the Minnesota Investment Commission to invest state assets in Bitcoin and other cryptocurrencies, just like investing in traditional assets.
According to Miller's bill, Minnesota employees will be able to add Bitcoin and other cryptocurrencies to their retirement accounts. The bill will also allow residents to use Bitcoin to pay state taxes and fees. Colorado and Utah have already accepted cryptocurrency for tax purposes, while Louisiana allows it to be used for state services. The investment income from Bitcoin and other cryptocurrencies will also be exempt from state income tax.
