North Carolina and Minnesota advance Bitcoin legislation

North Carolina and Minnesota have introduced significant legislation aimed at expanding Bitcoin (CRYPTO:BTC) adoption within their states.

This move aligns with a growing trend among U.S. states to explore cryptocurrency reserves and integrate digital assets into public finances.

In North Carolina, the State Senate has passed SB327, allowing the State Treasurer to allocate up to 10% of public funds into Bitcoin.

This bill includes provisions for secure multi-signature cold storage and monthly audits to ensure transparency and proof of reserves.

The sale of Bitcoin is restricted to severe financial crises, ensuring that the state maintains its investment without premature liquidation.

Minnesota's Bitcoin Act, introduced by Senator Jeremy Miller, marks a shift in his stance on cryptocurrency from skepticism to support.

The bill enables the Minnesota State Board of Investment to include Bitcoin in its portfolio, allows state employees to add Bitcoin to their retirement accounts, and permits residents to pay state taxes and fees using Bitcoin.

Additionally, cryptocurrency gains would be exempt from state income taxes, encouraging further adoption.

"I believe global digital currencies are here to stay and it’s inevitable that they become more and more mainstream. Crypto is a versatile digital asset that can be used in multiple ways, including as investments, global currency, or a hedge against inflation," Senator Miller noted.

These legislative efforts reflect a broader national trend, with 23 states now proposing or having passed Bitcoin reserve legislation.

This push for state-level involvement in Bitcoin follows federal proposals like Senator Cynthia Lummis' Strategic Bitcoin Reserve Act, which aims to establish a federal Bitcoin reserve.

The integration of Bitcoin into state finances could set a precedent for other states, positioning North Carolina and Minnesota as leaders in cryptocurrency adoption.

However, the volatility of Bitcoin and lack of comprehensive federal regulations remain key challenges for these initiatives.

At the time of reporting, the Bitcoin (BTC) price was $86,121.18.