North Carolina and Minnesota are diving headfirst into the Bitcoin pool, making waves with some exciting new moves to bring the digital currency into state finances.
In the land of sweet tea and BBQ, North Carolina's State Senate just gave a big thumbs up to SB327. This bill is like a backstage pass for the state’s Treasurer, allowing them to rock out with up to 10% of public funds invested in Bitcoin. And it’s no free-for-all; they’ve got the VIP treatment for security with multi-signature cold storage and monthly audits. Only in times of “severe financial crisis” can Bitcoin be sold, so the state’s holdings aren’t going to disappear in a puff of digital smoke.
Meanwhile, up in the land of 10,000 lakes, Minnesota is working on its own groove with the Minnesota Bitcoin Act. State Senator Jeremy Miller, who once gave crypto the side-eye, is now singing a different tune. After some deep dives into crypto research and chats with the folks back home, he's now a believer in the magic of Bitcoin. Miller’s vision? A future where global digital currencies are as common as Minnesota’s famous hotdishes!
The Minnesota Bitcoin Act wants the state’s investment board to mix Bitcoin into its asset cocktail, right alongside the traditional stuff. Plus, it’s opening the door for state employees to spice up their retirement accounts with a dash of Bitcoin. And here’s the cherry on top: Minnesotans could soon pay their state taxes and fees with Bitcoin, taking a page from Colorado and Utah’s playbook. Oh, and did I mention? Gains from Bitcoin could be tax-free in the North Star State!
This trend isn’t just a local jam. Across the country, states are lining up to join the Bitcoin bandwagon. With 23 states proposing or already diving into Bitcoin reserves, it’s clear that the digital currency is striking a chord. Even on the federal level, there’s talk of a massive Bitcoin reserve, thanks to proposals like Senator Cynthia Lummis’ Strategic Bitcoin Reserve Act.
So, whether you're in the Tar Heel State or the Land of Sky-Blue Waters, it looks like Bitcoin is here to stay, ready to shake things up and maybe, just maybe, change how we think about money.
