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The Governor of Indiana, Mike Braun, has enacted a bill that prohibits local authorities from imposing discriminatory taxes and restrictions on cryptocurrency transactions, while also allowing the allocation of pension savings into cryptocurrency investment funds.
The bill was introduced by state representative Kyle Pierce, a member of the Republican Party. The legislation defines cryptocurrencies as digital mediums of exchange that are secured by cryptography and are not issued by a central bank or any other centralized authority.
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Under the newly signed law, state pension funds and savings programs will be required to offer a self-directed brokerage option. This option must include at least one investment vehicle related to cryptocurrencies, with regulated exchange-traded funds (ETFs) tied to Bitcoin cited as an example.
However, pension funds are not mandated to directly purchase or hold digital assets within their primary portfolios. The decision to allocate a portion of pension savings to cryptocurrency investments will be made by the individual program participant. Access to such investment options must be available by no later than July 1, 2027.
The law also forbids state and municipal authorities from implementing special taxes or fees for the use of cryptocurrencies in the payment for goods and services. Similar restrictions apply to individuals who store digital assets in software or hardware wallets independently.
A few years ago, Indiana officials announced plans to attract major technology companies, including Amazon, Google, and Microsoft, to establish mining centers with access to inexpensive electricity. Local authorities believe this initiative will strengthen the state’s position as one of the centers for cryptocurrency mining in the United States.
