News

Indiana Governor Mike Brown has signed a legislative act that significantly transforms the approach to managing citizens' retirement savings. This law, initiated by member of the House of Representatives Kyle Pierce, a representative of the Republican Party, introduces new rules regarding the turnover of cryptocurrencies and their integration into the financial system of the state.

The key change is to expand investment options for participants in government pension programs. Pension funds and savings plans are now required to enable self-service brokerage services. This option assumes the presence of at least one investment instrument related to cryptocurrencies, for example, exchange-traded funds linked to bitcoin and traded on regulated platforms.

It is important to note that the law exempts pension funds from the obligation to directly include cryptocurrencies in their core portfolios. The decision to invest part of the savings in digital assets remains with the participant of the program. The funds are only required to provide the technical capability for such a choice. Funds must provide access to cryptocurrency instruments by July 1, 2027.

The law also contains a definition of cryptocurrencies: a digital medium of exchange that uses cryptography for protection and is not issued by a central bank. This definition is intended to unify the understanding of digital assets for all state law enforcement agencies.

In addition, the document is aimed at protecting owners of cryptocurrencies from excessive taxation. It is prohibited to impose special taxes or fees for using digital currencies to pay for goods and services. This ban applies to both organizations and individuals who independently store their assets in crypto wallets. The goal is to prevent discrimination against holders of cryptocurrencies.

It is worth noting that this is not the first attempt by Indiana to master the cryptocurrency sphere. Earlier, the state authorities announced plans to attract large technology companies to develop mining facilities.