Four Cryptocurrency Bills Introduced in Michigan, Including Bitcoin Investment for State Retirement Fund

On the 22nd, the Michigan state legislature saw the introduction of four new cryptocurrency-related bills. These bills allow for Bitcoin investments by the state retirement fund, ban Central Bank Digital Currencies (CBDCs) while protecting related rights, permit Bitcoin mining at abandoned oil and gas wells, and include tax deductions for mining operations. This development in Michigan, which bases its economy on the automotive industry and holds the 14th highest GDP in the USA, marks an important step in the institutionalization of cryptocurrencies. Meanwhile, on the same day, the Texas State House overwhelmingly passed Senate Bill 21, which allows the state government to establish a Bitcoin reserve. The amendments passed by the House require reapproval by the Senate before being signed into law by the governor.