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Louisiana Embraces Bitcoin with New Blockchain Basics Act - CryptoCoin.News

Louisiana Embraces Bitcoin with New Blockchain Basics Act - CryptoCoin.News
In a significant move for the cryptocurrency world, Louisiana has passed the “Blockchain Basics Act,” also known as House Bill 488. This legislation, championed by Congressman Mark Wright, brings substantial legal protections for Bitcoin and other digital assets within the state. Announced by Den

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Louisiana Passes "Blockchain Basics Act" to Protect Bitcoin and Digital Assets

In a significant move for the cryptocurrency world, Louisiana has passed the “Blockchain Basics Act,” also known as House Bill 488. This legislation, championed by Congressman Mark Wright, brings substantial legal protections for Bitcoin and other digital assets within the state. The new law aims to safeguard the rights of digital asset miners and users, and it will come into effect on August 1, 2024.

The bill includes legal protections for home digital asset miners, the right for digital asset users to self-custody, the right for citizens to use Bitcoin as a means of payment, and a ban on the creation of central bank digital currencies (CBDCs). Louisiana now joins states like Oklahoma, Montana, and Arkansas in embracing Bitcoin-centric laws.

The passage of this bill has garnered significant attention, with pro-crypto Senator Cynthia Lummis expressing her excitement and Republican frontrunner Donald Trump speaking out against CBDCs. The success of Louisiana’s new Bitcoin legislation highlights the growing influence of state-level policies on national debates and sets a precedent for other states to follow.

This landmark legislation reflects the dynamic and rapidly changing world of cryptocurrencies and positions Louisiana at the forefront of the digital financial revolution. As more states consider similar measures, the impact of these policies will likely resonate far beyond their borders, potentially shaping the future of digital currency regulation in America.

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