Editor's PiCK
Minnesota State Considering Allowing Bitcoin Payments and Investments
Summary
- Minnesota state announced it is considering recognizing cryptocurrencies as a payment method and including them as state government investment assets.
- The Minnesota Bitcoin Act, if passed, would require the State Board of Investment to include cryptocurrencies in investment options and specify them as acceptable payment methods for the state government.
- The bill also includes tax benefits, particularly allowing taxpayers to deduct income received in cryptocurrencies from federal adjusted gross income.
The state of Minnesota is considering recognizing cryptocurrencies as a payment method and including them as state government investment assets.
According to Cryptopolitan on the 14th (local time), the "Minnesota Bitcoin Act" containing these provisions is scheduled to be officially proposed on the 17th. However, provisions allowing the state government to stockpile cryptocurrencies were not included. If the bill passes, it will take effect on December 31, 2025, or January 1, 2026.
The Minnesota Bitcoin Act directs the State Board of Investment to include cryptocurrencies in investment options. It also specifies cryptocurrencies as an acceptable payment method for the state government. Tax benefits are also included. The bill allows taxpayers to deduct income received in cryptocurrencies from federal adjusted gross income and includes provisions excluding cryptocurrency gains when calculating certain taxes.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
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