Lansing, Michigan (WLNS) – Three bills that would create a cryptocurrency of the State called “Michcoin” and allow the State to make significant investments in the crypto was introduced Thursday to the Legislative Assembly of Michigan .
The first of the three, HB 4085would allow industrial zones to be used for the exploitation of cryptography and to prevent local governments from fixing zoning restrictions or solid pollution limits on crypto extraction facilities which do not also apply to D ‘Other data centers in the same zoning districts.
HB 4086Also known as Michcoin Act, would create a cryptocurrency sponsored by the State with a value linked to the gold and silver reserves of the state. This motto, called “Michcoin”, would be available for anyone to invest.
The representative of the state Bryan Postthumus (R-90), who wrote the bill, says that Michcoin would be a “stablecoin”, who, according to him, is a “A safer form of cryptocurrency.” Stablecoins are a form of cryptocurrency whose value is connected to another asset – in the way Michcoin is connected to gold. This is intended to give these currencies a more coherent value compared to other forms of crypto such as bitcoin, that tends to fluctuate greatly over time.
The third bill, HB 4087would establish a strategic cryptocurrency reserve for the State, allowing the State treasurer to invest up to 10% of the funds available in the General State Fund, the Contrecyclic Budget and the Economic Stabilization Fund cryptocurrency.
The three bills have been referred to the Communications and Technology Committee, where they will undergo an exam.
