The state of Louisiana has passed a new law, House Bill 488, to protect access and use of Bitcoin. This legislation aims to encourage the adoption of BTC while limiting central bank digital currencies (CBNC), marking clear support for the creation of Satoshi Nakamoto.
New law defends Bitcoin rights in Louisiana
Since the start of the presidential campaign in the United States, the main candidates, Joe Biden, Donald Trump and Robert F. Kennedy Jr., have spoken out on Bitcoin and the regulation of cryptocurrencies. All displayed optimism and support for more widespread use of digital assets.
In parallel, the State of Louisiana also marks the occasion by adopting a law, House Bill 488aimed at protecting access and use of Bitcoin, while slowing the development of central bank digital currencies (CNBC)perceived by many as a threat to privacy.
💱 Want to buy Bitcoin? Let yourself be guided step by step
Last week, Governor Jeff Landry signed House Bill 488 after its approval by the House of Representatives and the Senate.
This legislation details several key provisions:
- Right to self-custody : Each individual has the choice of using their Bitcoins through a third party or with a wallet to which they hold the keys;
- Freedom of transaction : The law guarantees each Bitcoin user the possibility of carrying out transactions for the purchase or sale of goods or services in BTC;
- Bitcoin Mining Support : Bitcoin mining in industrial areas is encouraged, an activity that could benefit the state's economy by making the power grid more stable and increasing revenues for power plants;
- Prohibition of payments in MNBC : The law prohibits the State of Louisiana from accepting payments in central bank digital currencies (MNBC), the latter could serve as a tool for surveillance and control of the population, like the Chinese government which uses its digital currency in its monitoring program.
On this occasion, Mark Wright, member of the House of Representatives and supporter of the law, declared:
“We wanted to ensure legal recognition and protection of digital assets, including self-custody and storage. The next paradigm shift brought by blockchain will touch every aspect of society, so regulatory clarity in Louisiana will promote investment, jobs and economic freedom. »
With this law, the Louisiana government seems to fully understand the benefit of adopting Bitcoin, and is very favorable to mining activity.
Zengo: the ultra-secure mobile wallet for your cryptos
Bitcoin mining seen as an ally in this new law
Being geographically close to Texas, the state of Louisiana also benefits from significant green energy resources. As we explain in our article on the influence of Bitcoin mining on the energy industry, this is the only industry capable of moving and setting up in the immediate vicinity of power plants.
📰 Also read in the news – Legislative elections: candidates are running for Bitcoin – What are they proposing?
Being flexible and nomadic, by positioning yourself near power stations, Bitcoin mining farms help make them more profitablethus allowing their faster development and improving the robustness of their equipment, which promotes the development of renewable energies.
Coinbase: register on the most famous crypto exchange in the world
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page may feature investment-related assets, products or services. Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no harm to you and you can even get a bonus using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your capacity to lose part of this savings. Do not invest if you are not prepared to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
First attracted by the lure of gain, I am now trapped deep into the rabbit hole. With no way out, I just have to share my knowledge and convey the passion I have for the world of blockchain. I am also the creator of Adopt a Block, an educational site dedicated to Bitcoin.
Marius Farashi Tasooji
207 items
