Bill > HB5132

This bill establishes the "Use of Convertible Virtual Currency Protection Act" to safeguard individuals' and businesses' rights to use digital currencies like Bitcoin. The bill defines key terms such as "convertible virtual currency" (a digital medium of exchange with value similar to traditional currency), "self-hosted wallet" (a digital tool that allows independent control of virtual currency), and "covered user" (a person obtaining virtual currency). It prohibits governmental entities in Michigan, including state agencies, counties, cities, and their officials, from restricting a covered user's ability to use convertible virtual currency for purchasing goods and services, conducting transactions through self-hosted wallets, or using virtual currency as loan collateral. Additionally, the bill prevents governmental entities from imposing taxes or requiring tax reporting for transactions under $200 involving convertible virtual currency. If a governmental entity violates these provisions, a person who suffers a loss can bring a civil action and would be entitled to recover three times their actual damages. The bill aims to protect individuals' financial autonomy and promote the use of digital currencies by limiting government intervention.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-HB-5132