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Michigan legislators have introduced four bills about cryptocurrencies meant to create a thorough and friendly environment for digital assets in the state. These measures cover different areas, including tax incentives, mining operations, state investments, and opposition to central bank digital currencies (CBDCs).
House Bill 4510 would let Michigan's public employee retirement systems invest in cryptocurrencies like Bitcoin and Ethereum via controlled exchange-traded goods. House Bill 4511 seeks to prohibit the state from banning digital asset holdings, imposing discriminatory taxes, or supporting a federal CBDC rollout in Michigan, while also protecting blockchain participants.
House Bill 4512 calls for a Bitcoin mining cooperation scheme reusing abandoned oil and gas wells for mining operations, and House Bill 4513 seeks to exempt income gained through the Bitcoin mining program from state income tax under Michigan's Income Tax Act. By allowing state investments, promoting environmentally aware mining, protecting digital asset consumers, and rejecting federal CBDC adoption at the state level, these bills taken together help to create a crypto-friendly environment.
